[Michelle Goth]

I can’t speak to this personally but hearing from a good friend who is a mortgage broker, sock away as much cash as you can to put down a hefty down payment, which reduces your risk level in their eyes. Good luck!

[Sum180 Lead Coach]

That’s great advice, Michelle, at least 20% for the down payment would be best. Also, check your credit score, and if it is less than stellar, begin working to get it up now. I was shocked to see my score had taken a hit recently, and it’s taking me a while to get it back to where it should be. Let us know how it’s going?

[Lisa Talley]

Brittanie, I just started looking into home loan preapproval as a self-employed person, and ran into some of the road blocks you mentioned. In my case I was asked for two years of tax returns demonstrating my self-employment income. Well, I am newly self-employed, so I don’t have any tax returns that show my SE income yet.

The first lender I spoke with told me I would not qualify for a home loan, period. They were nice enough but basically told me to try again in two years.

The second lender I spoke with said she would investigate “exceptions” for me, but I have not heard back from her yet. I suspect I simply have to bite the bullet and wait for two years. Maybe I can keep socking away a bigger down payment until then!

[Josh Johnson – Ambassador]

In my quest to purchase my first home, I’ve come to realize that it really all comes down to saving for that down payment. It can seem daunting but you’ll be surprised how quickly money adds up when you start to cut corners on needless expenses. Also, the process of saving can really help to simplify your life, which is a pretty great thing.