Is an investment loan possible with high debt to income ratio?

[Shawn P.]

So, just to point out I am extremely new at this so pleas bear with me.  My situation is:

1) I'm living in a primary residence with 200k still left on the loan (bought house for 225k) and make about 60k a year.  No other debt whatsoever other than typical monthly utility bills.

2) I have 40k liquid cash to put down on an investment property I'm looking to buy so I can rent out (first property to add to my portfolio as I am just starting out).

3) I've applied at several banks, and while they said I have excellent credit, a stable job, etc. that my debt to income ratio is too high about 48%.  

How can I start to purchase my first rental property?  Do I have to just wait until I get some huge raise at work? 

Thanks so much for any help/advice!