Getting around debt to income?

2 Replies

I currently own, and let's say my debt to income is at 50%. This would basically disqualify me from obtaining another mortgage. Short of moving, renting my place out, and then applying for a mortgage after I can offset my debt with the rental income, is there any other way of doing this?

I lightly peruse these boards and haven't seen much on the topic. I feel like there has to be another way, because the traditional method sounds like such a hassle, that people would be complaining about it.

50% is really high so the two main options are to pay down your debt or increase your income.  You could try for seller financing assuming you have the 20% for a down payment.

What debt do you have other than your mortgage? If there are high car payments, sell that car and buy a less expensive (but reliable) car. Also look at the interest on your debt and pay off the high interest debt. Maybe you can't afford to buy a place now, but use that as the motivation to pay down your debt and buy one in a year or two.