Excelent Credit DR High Question
This may sound somewhat similar to most of the credit posting qiestions here, but here goes...
Im very new to the real estate investing, i am partnering up with my best friend whom already has several rentals, so i have a mentor so to speak. Here is my problem, after a bout of unemployment and some medical bills duringthat time i aquired almost 30,000.00 in credit card debt, i did this to keep my credit in excelent standing, never a late payment, all my cards with this amount on them are at like 2.9% so im slowly making a comeback, unfortunately all attempts to refi my existing home loan are futile because they say my debt to income ratio are too high... you would think that logically they would want to help you lower your payment to secure your mortgage from bankruptsy because you can no-longer afford it.. i guess my question then is would i still get turned down trying to finance an investment property to try and help get back on my feet? or am i in so deep that i should consider other means?
i have tried everything and am very frustrated, i always beleived in keeping my credit spot less and its not helping me when i need it the most... the other unfortunate thing is that both automobiles are in my name as well, my wifes credit was ruined 2 years ago (prior our marriage)...
do i have any other lending options?
thanks
WeaselPhD 
weaselphd,
Take a good look around this web site and check out some more of the information.
There are ways of making money in CREI that do not involve your credit and may allow you to make some profits to pay down your current debt load.
Look into doing some bird dogging or subject to deals until you have paid your credit cards off - then unleash your partnership and do whatever it is you want.
Just some friendly tips.
Stormy
Do you have any equity in your property you could cash out? Cause if you do you could poss qualify for a refi.
How it would work is you refi and cash out, but instead of receiving the cash the lender would pay of your debt w/ the cash. Because mortgage loans usually have lower interest than credit card and/or car loans, your monthly pymnts should be lower.
Assuming that your current cc rate is 12.9%, your monthly pymnt is probably around $900/mo. If you refi and cash out paid off cc, you would save about $600-$700/mo on pymnt thus lowering your dti. I deal w/ a lender that looks at your dti after refi to qualify a client and not current dti.
no unfortunately my loan is a year old on the home , there is not any or very little equity to use for a refi- i wish right now i could judt refi at a newer low rate, but they will not work with me so far. im wondering if there are any other loopholes. i have seen some postings about purchasing an insurance to back your loan can or will this help?
thanks
Weaselphd