With rates sooo low, historic, it is a phenomenal time to buy. Not only that but home prices are still low. However, banks have tightened their belts.  If you have your own business and report low income don't expect the bank to give you an amount that doesn't reflect your ability to repay based on your returns.  They are scrutinizing every detail. Gone are the days of stated income; so if you plan on buying a home, keep that in mind.