: Getting an FHA with less than 1 year of self-employment income My wife and I (in our 20's) are looking to purchase a home in September after our lease is up, but won't quite have enough for 20% down by then (most likely 10-15%.

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FHA loans effectively require two years of employment history. There is no strict requirement on what makes up that history. Generally, the lender will have to prove to the underwriter that you are qualified for your current job (versus having landed it as some sort of fluke) and that you are likely to remain employed in the future. The lender will want two years of tax returns (regardless of your source of income) at a minimum. In cases where either of these are in doubt simply by looking at your tax returns (which really show income history, more than employment history) you may be asked to supply additional material, including proof of any education or training or other qualifications you have to hold your current job.

People switch jobs all the time, and people switch between direct and contract work all the time. The simple fact that you've made this change doesn't explicitly disqualify you, but you should talk to your lender about the specific documentation they will want as part of your application.