At a major lender you'll be required to provide your last 2 paystubs... in the case of being self employed just like the gentlemen below said, your last 2 years of net income will be averaged. However, an underwriter may ask for the last 2 checks where you were paid and if you're being paid cash you will not be able to meet this condition.
The answer to your question is most likely yes, you will have a difficult time obtaining financing. The reason is because most lenders require a 2 year work history in your field. As Jerry mentioned, there are "compensating" factors that could come into play to increase your chances of securing a loan such as substantial assets, excellent credit, etc. A qualified mortgage professional can properly assess your unique situation and see if you are able to get "pre-approved" with a lender. This will entail submitting your financials, along with a detailed letter of explanation regarding your unique situation. Feel free to let me know if you have any additional questions. Best of luck!
With all the constant changes in the financing world today, we are going to suggest that you speak to our mortgage lender regarding your situation. Terms seem to be changing daily with financing and it would be BEST to talk to her. She can get you pre-qualified right over the phone. If you would like for us to have her give you a call or for her to call you, please contact us and we can take care of that. It would be best for her to give you specifics as she is the professional in the financing field.
Thank you very much and we look forward to hearing from you soon!
MICHELLE & TOM STONE
"THE STONE TEAM"
Hunt Real Estate ERA
the best wat to find out is to meet with a lender and get a pre-approval run, if you need a recommendation or two let me know I'll be happy to point you in a direction.