In addition, I have about $22K in consumer debt (locked at 0% for awhile).

I recently used this company that got me approved for 8 credit cards that gave me a line of credit of $60K...after going to a few guru classes, they told me I could use the credit cards as "investor cards" and use towards my down payment/ closing costs, I quickly realized 1) the credit cards to use for down payment / closing cost is counted as debt for banks when they determine your debt -to -income ratio. 2) They also didn't want me to liquidate the cards in the bank as they didn't want large deposits made.

In the mean time if the lawyer is willing to speak to you or now as a Homeowner if you have the time I'd go directly through the HOA and try and have a conversation to resolve the debt with a $0.25 on the $1.00.

One more idea.The bank typically requires a minimum debt to income ratios.

Any debt you have to pay monthly?  

If your invest will do better than your debt item go for it.  

Ive got some debt I would like to pay off before opening the door.  

You will need to research liens on the properties to determine if the properties are encumbered with foreclosed or unforeclosed street debt, irrigation assessments, income tax liens, etc.

Read books, pay down debt, save up cash, whatever gets you to your goals!

Hi All,  I am trying to figure out my debt to income ratio for a FHA loan, if I have a private debt meaning I owe a friend some money and I am paying him monthly.