Having trouble tapping into my equity. What options do I have?

[Alex Duarte]

Hello BP community!

As the title says... I'm having trouble accessing equity on my primary residence. I've tried applying for a HELOC recently (2 different banks) but our DTI ratios are too high and paying off the minimal debts we have won't have much of an impact. I was wondering if there are any alternative HELOC or loan options? We don't want to refinance since we did a year ago and we like the monthly payments that we currently have.

The reason we are looking to tap into our equity is to construct a 499 sq.ft addition (master bedroom) that would produce rental income once completed. 

Any advice or direction would be greatly appreciated. Thanks!