Too much debt to income

[Eric Matson]

So I was just denied my loan because my debt to income isn't the best. My credit is excellent, is there any lender who would approve me my loan? Or do I have to find a coborrower?

[Steven Stokes]

@Eric Matson You still have some options. 

1. More Banks - Just because you were denied by one bank doesn't mean you'll be denied by all banks. You can call a loan good investment loan broker and explain your situation to that person and they may have sources you can go too. There's a rumor that says, Howard Schultz was turned down by banks 242 times. It's only half true but you get the point.

2. Investors - You can bring in investors. Having good credit will help. You will lose some profit but it depends on how much you want to get the deal done. 

3. Add a Partner - You can bring in a partner or co-signer. Someone who's debt to income and credit is enough to co-sign for you. 

4. Add Collateral - Banks look at risk, the more you lessen their risk the more open they become to your deal, this is more true with smaller banks and credit unions though. Large banks have guidelines and little wiggle room for small investors.

5.  Have someone pay down your debt - If your parents or a family member is willing to pay off your debt for you and you pay them back instead of the debt then that could help.

There are a number of things you can do it really depends on how much you want this deal. 

Oh I almost forgot, you could get a second job but I'm assuming you're looking for something a little faster. lol

I hope this helped. 

Good luck

Stephen