When you convert your income from Salaried with a W2 to self-employed with a 1099, you cannot qualify for mortgage financing until the following conditions have been met:
1. 3 years in business self-employed
2. 2 years Federal tax returns have been filed
3. Net income after expenses, after averaging over the previous 24 months, is sufficient to qualify for a mortgage loan.
My advice to you is this:
1. Be sure you retain the services of an excellent CPA and you disclose that you wish to purchase a home in the future.
2. Meet now with a Local Mortgage Banker to review your total prequalification picture. Even though you are not currently qualified for mortgage financing due to the 15 months of self-employment, your Mortgage Banker can review your other qualifications such as credit and assets so that you have a clear understanding on how to prepare to become a homeowner in the future.