How to get around debt-to-income?!

[DeMarcus Washington]

Hello! I have the 20% and 640 credit score for a conventional loan however I don't have the necessary income to get approved. With my current debt and a $500 mortgage I'd need to earn $28k annually and I make less than $24k. How can I get approved for lending with my income?

[Shaun Weekes]

@Demarcus Washington 

FHA loans will allow for higher DTI and with you fico score your rate even with MI will probably be less.

Once you score increases after 6 months to a year of having a mortgage you can think about refinancing into a long term conventional product.

I hope this helps Sir