Loan Approval! - How?

[Kyle M.]

The property in question is $55k, and I recently did NOT get approved for a loan and was really really surprised. I was looking for a quote with 20% down as an investment property, and they shot me down despite having a decent salary ~50k and credit in the upper 700's.

The reason was is because I currently rent an apartment for 1,000/month and I plan to still live there after I purchase this property.

So the view of the mortgage company - my expenses are (per month):

$1000 (rent) +

$400 (property taxes) +

$200 (HOA fee) +

$250 (mortgage)

= $1750 (too much to give me a loan)

They couldnt take it to consideration my bonuses from work or rental income because I dont have a 2+ year history in either.

How do I get a loan?

The mortgage guy said basically I have to lie and say I'm going to live there. My net worth would allow me to purchase this house cash but there's no point because it would be a huge part of my liquid cash.

Any suggestions would be great!!