The Gateway Alternative Income Mortgage™
Part of our Elite Suite of products, the Gateway Alternative Income Mortgage is the best option for self-employed clients who have non-traditional income with a beacon of 620+, can provide 20% minimum down payment (35% minimum for self-declared), have a maximum of 45% GDS / 50% TDS, and own marketable owner-occupied properties, and/or vacation/second properties.
- 620+ for primary borrower
- 550+ for co-borrowers
- Discharged from bankruptcy for minimum 12 months with re-established credit
- Consumer proposals considered (must be discharged or paid out from proceeds)
GDS / TDS
- Maximum of 45% GDS / 50% TDS
- Up to 80% (maximum for primary financing or primary plus secondary financing)
- Up to 65% for self-declared
- Up to 30 years for self-employed
- Up to 25 years for self-declared
- 10% must be from own resources; 20% minimum
- 10% must be from own resources; 35% minimum for self-declared
- See our list of approved down payment sources
- Marketable, owner-occupied properties
- Second and vacation properties
- See our list of accepted income docs
Additional product information
Bridgewater Bank Gateway mortgages can be used for purchases, refinances or equity take outs. Our mortgages are available in 1 year, 2 year and 3 year terms.
Prepayment privileges* are available. Up to 20% of loan amount (minimum of $500) can be paid once a year on the anniversary date of mortgage (unused portion cannot be carried forward).
We also offer a 3-2-1 PAYOUT*. We recognize that Gateway Mortgages aren’t forever and your client may need to leave early. Our 3-2-1 payout is simple to understand with no complicated formulas. It’s as easy as 1, 2, 3! Early payout amounts are based on which year of the mortgage the customer is in:
- Year 1 = 3% of remaining balance
- Year 2 = 2% of remaining balance
- Year 3 = 1% of remaining balance
*Certain conditions may apply.
Visit our Gateway product standards page for full details that apply across all Gateway alternative lending products.