Long Island First time home buyer guidance
Hello community,
I’m a first time home buyer living on Long Island looking to invest in a rental property with the following scenario...
1) Excellent credit score
2) 20% down payment available for a home
But I have not been approved for a loan because of my high debt to income ratio. Which is due to the fact that I don’t report a lot of income. I’d be relying somewhat heavily on potential rental income.
What should I do at this point? Buy a rental property upstate since there’s nothing in my price range If i go any lower in my desired Long Island areas? Get a new job? Find a partner willing to co-sign and who’s in need of an apartment to rent?
I’d appreciate any input. Thank you all and best of luck