How to Play the Mortgage Game if You’re Self-Employed
A look at the extra hurdles facing self-employed borrowers
By SUSAN JOHNSTON
January 15, 2013
Mortgage lenders have tightened requirements across the board in the wake of the housing crisis, but now—even as the workforce increasingly moves away from traditional 9-to-5 employment—self-employed borrowers have a tougher time securing a mortgage. It's an issue felt by many, as the Small Business Administration reported that the number of Americans who were self-employed approached 9.9 million in the second quarter of 2012.
Sally Herigstad, a freelance writer in Enumclaw, Wash., encountered problems last year when applying for a mortgage. Before offering to place a 26-percent down payment on a…