Mortgage Suggestions for Bad Metrics EXCEPT for Equity/LTV?

[Jay Hunt]

Hi,

Infrequent poster, but when I've needed wisdom, this has been my "stop."

So, the situation:  took out a second mortgage about 2-3 years ago to start a business that didn't go super-well (long story, not real estate related).  Before and during that time, have owned 2 multifamily properties, one of which has also been my primary residence.

Chugging along, that abovementioned biz went under, but since then have been working a self-owned consulting business and teaching part time.  Between that income and the mortgage income, been doing OK.

Yet, of course:  the balloon payment is coming up.  I need to refi, but have a few things working against me:

-wild swings in income due to self-employment, except for the PT teaching which is steady, but peanuts RE $$

-paper losses in taxes because of self employment - couldn't afford to show that I was making $$ like gangbusters while also getting back on feet

-credit score is just fair

Working for me? Ton of equity: both properties have comparatively low balances on the existing fixed rate mortgages, and the loan that I'm looking for would be an LTV of 50% (it's about 30% right now), which would pay off the second + all cc debt in one go.

Question:

-any ideas?  I have to think a conventional lender is going to look at the wild fluctuations in bank statement and run for the hills

-any experience with low/no-doc mortgages?  Have read "THEY'RE BACK!" but then when I dig deeper to find an actual lender, it's tumbleweeds and crickets

I COULD sell if it comes to that, it's just so pointless to do so - I've had my current (first) mortgages for 8 and 12  years respectively and never had a late payment.

Open to suggestions!