As most of the comments here state, yes you should be able to get a mortgage based on your compensating factors, but at what cost? While your scenario seems logical and you shouldnt have any issues, the fact of the matter is the end investors you will create the market for your mortgage are not interested in anything out of the box. Not having the minimum 2 years tax returns to substantiate the income from your new business is definitely considered 'out of the box'. Again, there are programs out there that can get it done, such as the 'hard money' lenders suggested but I would not recommend going down this road unless there is some really good reason for buying right now. My advice would be to wait until you have the 2 years of taxes to corroborate your income. The FED met this week and stated they plan to keep the funds rate @ 0-.25% through 2014. While many other factors affect mortgage rates, this is a good indicator that rates will remain low for some time.