B# Posted March 11, 2005 Author Report Share Posted March 11, 2005 I am hoping that I can get referrals on where to go for a sub prime, no doc loan. Here is my situation: I live in Central Florida. I lost my job 8 months ago and started a small software business to bring in some income while I looked for a permanent job. What little income I have made has been sporadic, but I'm hopeful that the business will take off or that I will find a job. My house is conservatively worth $170k and I owe $114k on 2 year fixed/ARM. I would like to do a 80/20 refinance or get a HELOC, or second mortgage, so that I can tap some of my equity to assist in these trying times.My Credit as of December last year is as follows:EQ: 600TU: 631EX: 690 I had a previous home that was in the foreclosure process in early 2002, but I was able to save it by catching up the payments when it reached 120 days. I have a charge-off from 2001 that was settled in 2003. Otherwise, my payment history since mid 2002 has been perfect, with no lates. My credit card utilization is kind of high, around 80%.I would appreciate any advice or personal experiences. I really need a loan to get me over the rough spots, otherwise I may have to sell my home if I don't find a job very soon. I alsready tried Full Spectrum, but they require a FICO of at least 700 for a no doc loan.Thanks in advance for the help.Alan Link to comment Share on other sites More sharing options...
B# Posted March 11, 2005 Report Share Posted March 11, 2005 I am hoping that I can get referrals on where to go for a sub prime, no doc loan. Here is my situation: I live in Central Florida. I lost my job 8 months ago and started a small software business to bring in some income while I looked for a permanent job. What little income I have made has been sporadic, but I'm hopeful that the business will take off or that I will find a job. My house is conservatively worth $170k and I owe $114k on 2 year fixed/ARM. I would like to do a 80/20 refinance or get a HELOC, or second mortgage, so that I can tap some of my equity to assist in these trying times.My Credit as of December last year is as follows:EQ: 600TU: 631EX: 690 I had a previous home that was in the foreclosure process in early 2002, but I was able to save it by catching up the payments when it reached 120 days. I have a charge-off from 2001 that was settled in 2003. Otherwise, my payment history since mid 2002 has been perfect, with no lates. My credit card utilization is kind of high, around 80%.I would appreciate any advice or personal experiences. I really need a loan to get me over the rough spots, otherwise I may have to sell my home if I don't find a job very soon. I alsready tried Full Spectrum, but they require a FICO of at least 700 for a no doc loan.Thanks in advance for the help.Alan Link to comment Share on other sites More sharing options...
firstsource Posted March 11, 2005 Report Share Posted March 11, 2005 I have a few questions. What work did you have before starting your business?Did you do any actual work/have clients/etc for your business while you were working?I know how difficult it is now, not much money coming in, and you don't want to loose your home, but If you got a loan, would that prolong the agony, or would it enable you to get established? It usually takes minimum of 2 years to get a business off the ground, then the 3rd year you make some money, and by the 5th year-as long as you keep working hard-things will be "normal". Charles Link to comment Share on other sites More sharing options...
firstsource Posted March 11, 2005 Report Share Posted March 11, 2005 I have a few questions. What work did you have before starting your business?Did you do any actual work/have clients/etc for your business while you were working?I know how difficult it is now, not much money coming in, and you don't want to loose your home, but If you got a loan, would that prolong the agony, or would it enable you to get established? It usually takes minimum of 2 years to get a business off the ground, then the 3rd year you make some money, and by the 5th year-as long as you keep working hard-things will be "normal". Charles Link to comment Share on other sites More sharing options...
B# Posted March 11, 2005 Author Report Share Posted March 11, 2005 Thanks for the reply Firstsource.I did the same type of work (programming software for remote control systems and web design) for a small company for just under two years. The company was doing poorly, management was unraveling and I was dismissed, through no fault of my own. Three (of a total of about 6) customers followed me to my new business. I have completed two customer's projects, and have another which will be completed in two months. I have considered whether or not I am prolonging the inevitable, but I don't think so. My primary focus to get a job, which should just be a matter of time. The business is secondary. I can run it on a part time basis, and if if it does not succeed, there is not much lost, because I really didn't invest anything in it. I hope this information helps clarify my situation.AlanI have a few questions. What work did you have before starting your business?Did you do any actual work/have clients/etc for your business while you were working?I know how difficult it is now, not much money coming in, and you don't want to loose your home, but If you got a loan, would that prolong the agony, or would it enable you to get established? It usually takes minimum of 2 years to get a business off the ground, then the 3rd year you make some money, and by the 5th year-as long as you keep working hard-things will be "normal". Charles Link to comment Share on other sites More sharing options...
B# Posted March 11, 2005 Author Report Share Posted March 11, 2005 Thanks for the reply Firstsource.I did the same type of work (programming software for remote control systems and web design) for a small company for just under two years. The company was doing poorly, management was unraveling and I was dismissed, through no fault of my own. Three (of a total of about 6) customers followed me to my new business. I have completed two customer's projects, and have another which will be completed in two months. I have considered whether or not I am prolonging the inevitable, but I don't think so. My primary focus to get a job, which should just be a matter of time. The business is secondary. I can run it on a part time basis, and if if it does not succeed, there is not much lost, because I really didn't invest anything in it. I hope this information helps clarify my situation.AlanI have a few questions. What work did you have before starting your business?Did you do any actual work/have clients/etc for your business while you were working?I know how difficult it is now, not much money coming in, and you don't want to loose your home, but If you got a loan, would that prolong the agony, or would it enable you to get established? It usually takes minimum of 2 years to get a business off the ground, then the 3rd year you make some money, and by the 5th year-as long as you keep working hard-things will be "normal". Charles Link to comment Share on other sites More sharing options...
firstsource Posted March 12, 2005 Report Share Posted March 12, 2005 Then you should be able to get a loan, it will be a bit of work on your part, to establish a 2 year business history, but it is not a difficult thing to do.CharLes Link to comment Share on other sites More sharing options...
firstsource Posted March 12, 2005 Report Share Posted March 12, 2005 Then you should be able to get a loan, it will be a bit of work on your part, to establish a 2 year business history, but it is not a difficult thing to do.CharLes Link to comment Share on other sites More sharing options...
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