Do I need two years of self-employment to qualify?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Usually, but not always. Standard guidelines want two years, yet certain conventional and non-QM programs accept one year of self-employment when you have prior experience in the same field.
A one-year bank statement loan is another route. We'll review your background and tell you which program fits your time in business.
The common requirement
Most conventional and FHA loans want two years of self-employment history. Two years proves your income is stable and repeatable rather than a lucky first year.
Underwriters average those two years, so a rising income over that time strengthens your file.
Exceptions to the rule
You may qualify with one year if your business is strong and in the same field as your prior W-2 work. Bank statement and 1099 loans can skip the tax-return history entirely.
Two years is the norm, not a hard wall. Apply now and we will find the path that fits how long you have been on your own.