The bank has pretty much approved me for the home I want to buy. We’re under contract with the seller. Now comes the part where we work the numbers and try to get a home mortgage. Of course, as first time home buyers, my husband and I have access to some pretty cool programs. Indeed, cities like San Francisco and states like Utah (among many others) offer first time home buyers special help and programs. These programs can include lower interest rates, and 100% financing.

However, there are often caveats. Take my particular problem. I am self-employed. My husband is in school. Because of student loans (I’m in repayment), our debt-to-income ratio isn’t so favorable. We need extra documentation to show that my husband’s loans are deferred. We can pay off the car loan (which we will probably do) to get the debt-to-income ratio where it needs to be.  Now comes the part where  we try for some of these great programs I mention above. And this is where it gets really hairy.

Tomorrow, we’ll look at the options (other than no-doc) available to someone in my rather unfortunate position.