My InsiderAt least 16 million people in the US are self-employed. While it can be a good way to make a living, it also comes with its challenges — namely when buying a home. That's because when ...

That’s why most lenders have stricter rules for self-employed borrowers. Just because you work for yourself doesn’t mean you’re guaranteed to have a hard time getting a mortgage, however.

These mortgages are geared toward self-employed borrowers who could benefit from using bank statements in lieu of tax returns. Bank statement loans sometimes come with higher mortgage rates.

Fortunately, self-employed borrowers can get mortgages—if they come prepared. Are you self-employed and hoping to buy a home or refinance? These steps can help you do it successfully and affordably.