Question 1

Can I get a mortgage if I'm self-employed?

Accepted Answer

Yes — being self-employed does not disqualify you, but it changes how lenders verify your income. Conventional lenders typically want 2 years of self-employment history and use your net taxable income from tax returns, which can be problematic if you take legitimate business deductions that reduce your reported income. Bank statement loans solve this: lenders calculate your income from average monthly deposits over 12–24 months rather than net income. If you own rental properties, a DSCR loan qualifies you on property cash flow with no personal income documentation required at all.

Question 2

Can I get a mortgage with student loan debt?

Accepted Answer

Yes — student loan debt affects your DTI (debt-to-income ratio) calculation but does not automatically disqualify you. Lenders count your monthly student loan payment toward your total debt. If you are on an income-based repayment (IBR) plan, most lenders count the actual IBR payment. If your loans are in deferment, some programs count a percentage of the balance as a hypothetical payment. VA loans are particularly flexible with DTI and are often a strong option for veterans carrying significant student debt. A loan officer can model which program accommodates your specific debt load.

Question 3

What is the first step in buying a home?

Accepted Answer

Get pre-approved — not just pre-qualified, but pre-approved. Pre-approval involves a real review of your income, credit, and assets by a lender who then issues a formal letter stating how much they'll lend. It takes 1–3 business days with complete documentation and gives you three advantages: you know exactly what you can afford, you can move fast when you find a home, and sellers take your offer seriously. Start here — everything else follows from knowing your real number.

Question 4

Can I buy a home with no money down?

Accepted Answer

Yes — two mortgage programs offer genuine 0% down payment: VA loans (for eligible veterans, active duty, and surviving spouses) and USDA loans (for eligible rural and suburban properties with income-qualifying borrowers). FHA loans go to 3.5% down. Down payment assistance programs (grants and second mortgages offered by state and local housing agencies) can further reduce or eliminate out-of-pocket costs on other program types. If saving for a down payment is what's holding you back from buying, it is worth talking to a loan officer — you may have more options than you think.

Hipotecas para Compradores por Primera Vez, Veteranos y Situaciones Especiales

¿Qué programas existen para mi situación?

Preguntas frecuentes