Flailing... Need Help with Cash Out Refi

[Ned Outtadebter]

Hi all,

I've dug a hole for myself with credit card and peer-to-peer debt the past few years and am hoping a cash-out refinance will help me pay off these high interest money suckers.

I bought a house with an owner occupant loan five years ago, and lived there while renting out bedrooms to roommates. About two years ago, I moved out, and fully rented the house.

I would now like to move back to the property and do a cash-out refinance. The problem is my regular job's pay won't cover the debt-to-income ratio for underwriting. I WOULD qualify, if they counted the $25,000-30,000 rental income the house produces, but I have heard from two companies they will not count rental income for owner occupant loans.

Is this standard Fannie regulation? Can I count rental income on an owner occupant loan with any regular lending institution?

ANY ideas are very appreciated! :)

Ned