Bank is declining my HELOC - HELP!

[Paul Whitehurst]

Hi, I am looking at getting into investment properties. I understand this is a good way to become financially secure over time and am eager to start. I want to use my current home and do a HELOC. My home is worth around 215k and I owe 127k. I was told I could get 65k out in a HELOC (90%). I went to get the HELOC and they asked what it was for, I told them an investment property of 290k. I am not familiar with how HELOCs work but they declined me saying my DTI is too high. Stating that they are using the mortgage of the investment property as a reason because it would put me above their threshold.

Are there ways around this?  I had no idea they would decline me for MY OWN MONEY technically.   Should I have just not told them what it was for?  Or what are other ways I can access this equity to purchase?  Thank you 

[Jaycee Greene]

I assumed a total loan of around $90k with a monthly payment of just under $1,600 using a random SF property in Indy with a similar asking price. Check this link, Indy SFR Proforma, for my attempt at a proforma on a random SF property in Indy.