Long Island First time home buyer guidance

[Alfredo Sanchez]

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