Cash-our refinance to buy a rental property

[Derwin Davis]

I am currently trying to use the equity on the 1st home with a credit union bank , I want to do a cash-out refinance of 80k to purchase a 3rd property, but the credit union is saying that my debt to income ration is at 49% and it’s not letting me qualify. I don’t get how I can’t qualify My only debt is the two mortgages and a car payment. My mortgages are $700 and $1380 , I rent my second home out so that should help cancel that payment on my debt ratio right? I’m looking at a 15yr 2.5% rate. Can I get some guides please please?