It's a sad reality facing our real estate market today with the everyday news of foreclosures happening all around us. There is one group that is always weary of their fate when it comes to getting a mortgage and that is the self employed. These are the people that count on themselves for their daily bread, and because the guarantee of getting the monthly payment is not always there, mortgage lenders are cautious about trusting them.

But you needn't worry as the possibility of you as your own boss is completely real. But there are some things that you need to do before hand to guarantee your chances of getting one. The first and most obvious thing is your credibility. Your credit score has to be outstanding above everything else. If you have any loans in progress, you have to ensure that you make all the required payments as well. This will give your mortgage lender a reason to trust you because you have proved your worth in the past.

Saving for your first house is recommended especially when you are self employed. You need to be able to make that first down payment, 5% at the very least. But when you want to record even higher points, be in a position to clear 10% of the down payment and that would be awesome.

Your lender needs to know that you are in the position of making all the needed payments. That means that you have to have some kind of proof of income. If you work online where a check is not always given, you should depend on the proof of income sheet that is given to you by the tax body, like the IRS for Americans. With these it's not totally impossible to acquire a loan, and it earns you more points when you have been self employed a longer duration.