I enjoy a 771 credit, debt to income ratio is 15% lacking my 2 rental properties. Can i procure a mortgage?

My 2 rental properties put my debt to income at 45% using the rule that only 75% of the rental income is counted as income. And from what a mortgage broker told me, i have no option and cannot get a mortgage until i reach 29% debt to income reguardless on my excellent credit. is that true? any style around this like creating an LLC(whole other conversation, right?) Cant sell the properties now and dont wanna live in an apartment any longer. HELP!
Answers:
It depends on what type of loan you are trying to get. Most loan programs will in reality allow a debt to income ratio of 50%+ so 45% should not be a problem. Source(s): I'm a mortgage banker/broker
I feel like turning your rentals into an LLC would be polite, so long as that LLC assumes all of your debt. If not, it would be the same problem. Sounds approaching even if nothing else can change at the present, inside a year or two you'll be qualified. Good luck!

Related Questions:
  • Does anyone hold a indication explanation communiqu¨¦ for items on a credit report? Mortgage lender is asking for?
  • Mortgage beside a co-borrower next to lower credit rack up?
  • How at 46 years old-fashioned, never have any credit, do I establish credit for a mortgage?
  • I am applying for a mortgage and my wife's bill is on my credit report?
  • 1st Mortgage to Pay for a untried house....2nd mortgage to reimburse for Credit Cards....Good Idea?