The following conditions apply to underwriting self-employed borrowers:
A. Minimum Length of Self-Employment. Income from self-employment is
considered stable and effective if the borrower has been self-employed for two or
more years. The high probability of failure during the first few years of a business
makes the following requirements necessary for individuals who have been selfemployed
less than two years:
1. Between One and Two Years. An individual self-employed between one and
two years must have at least two years of documented previous successful
employment (or a combination of one year of employment and formal education or
training) in the line of work in which the borrower is self-employed or in a related
occupation to be eligible.
2. Less than One Year. The income from a borrower self-employed less than
one year may not be considered effective income.
Not easy. You will absolutely have to use tax returns. That means write-offs reduce income.