Eric's Credit Community

Who are we?
We are 42/38 years old, married for 6 years with a 4 year old daughter. I am currently self-employed as a trim carpenter/contractor. My wife is a full time Operations Planner for a local warehousing company serving Quaker Oats.

What will we do with this loan?
We will use this loan to cover a small short sale on our house, and to secure a rental while we build our new home.

Satisfy short sale ? $564 (current mortgages paid-off 1169/mo)
Rental deposit, first month, and moving expenses - $1617
Final Tax installment on current home - $819($137/mo due every 6 mo)

Goal: Borrow $3000 to close the sale of our home and pay related short-term expenses. By selling our home and renting for $595/mo we will save $574/mo from mortgage payments and another $136/mo in property taxes.

Explanation of current credit rating
See our member profile for credit info.

Debt to income (DTI)
The DTI reported by prosper is high because it does not accurately portray my business income due to reported non-cash expenses such as mileage and depreciation.

Why you can be assured we will pay you back
My wife has been with her present employer for 7 years and makes $31,000/year. I have been self employed since Sept 2005 and generally make $2500-$3000/mo less an average of $543/mo business expenses. By selling our home we will save about $711/mo on mortgage and taxes.

Our budget
Income - $1872 net per month
Spouse?s Income - $1957 net per month

Mortgage/Rent beginning Nov 1 ? $575
Utilities ? $266
Grocery - $725
Auto Loans - $799
Education/Child Care - $182
Personal Loan - $179

Amount remaining to build savings, pay miscellaneous expenses and pay back Prosper loan - $1103

Conclusion
Thanks for your consideration of our loan request. You can be assured that we are reliable and responsible, and that we are very mindful of our past credit and have taken significant steps to re-build and maintain it.