Can a self employed individual qualify for a loan?

Maybe. Self employed in and of itself isn't a problem, but income may be. For self employed, we will need at least the last years federal tax returns (business and personal), all pages, all schedules. Maybe even two year, and for sure two years if you've been in business less than 5-years. We will then see how much you brought in the from door for sales, and subtract out your expenses. So whatever you told the IRS is your income after expenses is what lenders will use for loan qualifying income. As self-employed can often times take advantage of tax codes to reduce income, it is common for self-employed to have trouble getting a mortgage because they don't show enough income "on paper." In your case, your "income" before expenses was $60k, but what was it after expenses? Talk to a local mortgage broker about your exact situation. I lend for properties in MN WI IA SD ND. Find me at JoeMetzler.com, Cambria Mortgage, NMLS 274132