Normally, you need 2 full years with increasing income trend.
You income will be averaged and your YTD will be looked at as well - to see the positive increasing income trend. The fact that your rent was twice as big as your future PITI is actually really great from the approvability point of view.
Hope this helps,
Beachfront Realty, Inc.
Do you have an agent? Sounds like it makes good sense for you to buy. Don't take no for an answer yet...
It looks like you have less than 1 year of self employment income so unfortunately you will need to wait until next year to obtain this loan.
Timothy Brown | President
Academy Residential Mortgage, Inc.| firstname.lastname@example.org
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959