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Updated over 10 years ago,
Ready to take the next step but.....
financing is an issue. I currently have a SFH that is my primary residence. I have renters lined up that would like to rent my place but I am having difficulty getting financing. I have spoken with three lenders and they all require a minimum of one year of income from the property, along with tax returns showing the income before they will allow me to qualify with the rental income.My debt to income ratio is maxed and there isn't much I can do to raise income in the short term. Should I stay in the house and focus of debt reduction, rent it out for income and live in an apartment for a year or are there options out there that I'm missing? I have spoken to a mortgage broker, community bank, and a large national bank.