Primary Residence at 6.125% rate for self-employed

[My Nguyen]

Hello Fellow Investors,

Is 6.125% for 30 year fixed mortgage rate too expensive for primary residence right now? We have to put down 50% down payment in order for the DTI to be below 50. My husband and I are self employed so it is so hard for us to get a loan. We got denied by credit union bank, all they told us was insufficient fund.

Since we locked in the interest rate. Is there a way to adjust the rate at this point?

Thank you for your input.