I would recommend clients like yourself to submit a FULL application(without a property) to a loan officer who knows FHA guidelines..... not a 'Yes Man'.
Gotta get those taxes done though.

Thanks Tom,
Case by case basis is what is needed here I guess.

· "Less than two years cannot usually be considered stable unless the applicant has had previous
related employment and/or extensive specialized training "

Texas RPLS - 25 years experience with extensive training/testing for Professional Registration.
Took over an established firm with 30+ year history, employed at that firm since 1985

Here is the answer from our internal guidelines:

1.12.2.1.10 Self-Employed Borrowers
· A borrower who has an ownership interest of 25% or more in a business is considered to be
self-employed.
· Minimum of 2 years required. A shorter timeframe will be considered on a case-by-case basis.
· Signed 4506-T Required.
· Copies of the past two years’ signed and dated individual federal income tax returns are required.
· If the business is a corporation or partnership
o Copies of the signed federal business income tax returns for the previous two years plus all
applicable schedules and
o List of all stockholders or partners showing the interest each holds in the business
· Less than two years cannot usually be considered stable unless the applicant has had previous
related employment and/or extensive specialized training
· Less than one year is not acceptable

As you can see.... it is open to interpretation by the underwriter.
Certainly, we would want the 2008 tax returns done and a copy of the current P&L.
I would also expect you to need some good compensating factors.