Financing falling through with 9 days until closing!

[Jared Chipkin]

Our loan has been approved for a couple weeks..or so I thought!  Now our lender is coming back saying that we are at 44%debt to income and we need to be at 41% because of my commission income it threw everything off. (& supposedly the lender is super strict).  We are purchasing a  home and renting out  our current house.  What is the best case scenario  for this situation, considering we should be closing in nine days.  We don't have 20% to put down.  I'm told that if we have  20%down than we would get the loan. So taking out another  loan backed by our current property may be an option. How likely would it be that we could take out the 20% equity from our current  house and put it down on the new house?  & how does the interest rate compare to the typical mortgage rate? Any advice would be much appreciated.

[Don Harris]

@Jared Chipkin sell a car or truck that you are making payments on ?