FFFC has a revolutionary way to do mortgages.. T

FFFC has a revolutionary way to do mortgages.. This could change real estate as we know it..

NET LIFE a subsidiary of FFFC has developed and is offering an innovative new mortgage product that is not based on credit history (no doc) or personal guarantees. It is only secured by the underlying collateral and a life insurance policy on the borrower. Therefore, all that is required to qualify for a mortgage loan is qualifying for a life insurance policy, a down payment that usually amounts to 10% of the purchase price and verification that the borrower has the financial ability to pay the monthly payments. NET LIFE believes this mortgage product will be attractive to a wide spectrum of potential borrowers including:

first time homebuyers;

borrowers who have experienced prior financial difficulties such as foreclosures, bankruptcies, late payments or credit problems; are presently employed and whose current income would qualify for a mortgage loan; but who couldn't otherwise qualify; and

borrowers who may wish to bypass the traditional paperwork involved in the typical underwriting process but who would otherwise qualify.