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Updated over 7 years ago on . Most recent reply

User Stats

39
Posts
19
Votes
Faiz Khan
  • Moreno Valley, CA
19
Votes |
39
Posts

High Debt to Income Ratio

Faiz Khan
  • Moreno Valley, CA
Posted

Hello

  I am planning on buying a single story house which will be my first home.  My debt to income is very high due to my student loans.  My parents don't really have a great credit score, for which I have enrolled them into the credit repair.  My brother recently got a job, but since he doesn't have 2 yrs of work history, I can't use him as a cosigner.  We (my family) are running a residential care home out of our house (legal with business license and community care license), and would like to buy another house and run a residential care in it as well.  Of course it would be occupied by me, so I will live there and run a care home.  

I have funds available as my uncle is willing to invest in the new property for upto 30K, and help with the mortgage payments. My only roadblock is my DTI which can be solved by either getting a job (already applying) that pays around $120K annually or reducing my debt significantly (not possible with current income). What do you suggest I do?

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