Eliminate debt, establish a budget, and save.

It may not entirely make sense to go from a 30 year mortgage to 15 year mortgage if your debt to income ratio is tight in any sense.

Consider options like Bank Statement Loans, Debt Service Coverage Ratio (DSCR) Loans, and co-signing.

So it's not the same as bank which might do 2-2.5x once debt payments are factored in. 

Will the bank count all of the debt against my income, half?

if the property is in Oregon they need state MLS and NMLS registration for ANY loan on a 1 to 4 unit regardless of purpose.thanks appreciate your feedback- we're only pocking $40k after paying off another heloc and debt. need to finish a big electrical job on the house, etc. so can't save up, but still have over $100K equity.

Debt: Seller FinanceEquity: Raised capital from friends and family How did you add value to the deal?

The capital stack is approx 70% debt, 5% pref equity and 25% common equity.

We bought at 375k, are currently renovating the basement, and have income of $4725 (before utilities, insurance, and debt service) right now.

Not sure how often that happens and to the extent it does, how much individuals are receiving.Trying my best not to politicize this, but have to add that massive bailouts are going to continue to get harder to afford with the high federal debt we have today.