Need Advice from Investors

[Devang Teewar]

Hello Investors,

I jut got to the bank for my mortgage pre-approval to see how much I am qualified for. And to my surprise as with the new rules, they do the stress test or qualify at 5.14% interest rate and looking at my salary and debt ratio, I am only qualified for 200K!!

So demotivating as I was qualified for more than 350K before the rules changed! :(

Now with the existing rules, I need your advise how to proceed further as I am also looking to have my personal house.

1. Buy the house for investment with the qualified mortgage amount and rent

2. Buy the house (late 80s) and do house hacking until I build the equity to refinance and buy other house and renting the first one?

Please advise

Thanks

Devang