Often times a person who has his or her own business faces hard time to qualify for a mortgage.

It should not be that way. there are many lenders and banks who are ready to finance the home buying experiance of a self employed person. The volume of paper work sure is a lot. The lender would require plenty of proof to ensure that the person worth the risk. Having a mortgage default insurence for these types of mortgages also opens the door for very good interest rates.