Debt consolidation

[Trevor Rutherford]

Hello to all. Bought a single family home with cash, maxed out ccards for improvements. Went and saw Mr. conventional. "the bank." I explained exactly what I wanted the loan for (debt consolidation) and that my credit score was going to be in the mid to upper 6's because of it. Went to the only bank in town that would lend against a, "non-owneroccupied," property. 1st they told me that fannie mai guide lines said that I had to own it for at least a year before they could lend against the ARV. They would lend 75% loan to value.

Now, (Drum roll please!) they won't give me the loan at all based on, you guessed it. My income to debt ratio. I own another rental plus this one both rented, claim that income on my schedule E plus employment income.

Anyone have any answers for debt restructering