838 equifax score, $100k cash, but no income.

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838 equifax score, $100k cash, but no income.

Michael Scott
Investor · Boston, MA · Member since 2015 · 5 posts · 0 votes

I think I'm in unique situation.  I cashed out of a startup over a year ago, travelled the world, and have had no actual income since.  Can I get a normal loan or is private/hard the only option?  I'm thinking I have to become a W2 employee again for a few months to fill in this income gap.

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  • Michael BarbariPro Member
    Banker · Downers Grove, IL · Member since 2014 · 396 posts · 107 votes
    11y

    @Michael Scott

    @Bob Green

     Has some asset based programs available. Not sure where he can lend but a good place to start.

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  • Chris Adams
    Contractor · Valparaiso , IN · Member since 2013 · 604 posts · 327 votes
    11y

    Normal loan for what? Income property or personal residence ? 

    Income property probably. Use the cash as a down payment and post an interest reserve of 6 months or so.

    Personal residence probably not.

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  • Kevin Yeats
    Lender · Fort Pierce, FL · Member since 2009 · 825 posts · 486 votes
    11y

    As Chris mentioned, it helps to know the purpose of your loan request.

    For investment properties, you could get a stated income loan (hint, hint) that does not require that you state your income.

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  • Michael Scott
    OP
    Investor · Boston, MA · Member since 2015 · 5 posts · 0 votes
    11y

    Sorry guys, the loan would be for investment properties.

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