Julie - Morgan's answer was partially correct in that any self-employment income has to be reported on your filed tax returns to be considered eligible income. The other criteria, equally as important, is that we need a minimum 2 yr history of this income, and we need 2 yrs of this income filed on your returns...
We also will use your adjusted business income, netting out the deductions you'll most likely be taking....so the more you write off, the less income we'll be able to use..
So if you're just starting your business this August, we wouldn't be able to use this income until you can give us a copy of your 2012 and 2013 returns, which wouldn't be until early 2014 at the earliest..
Feel free to contact me to further review your situation!
I know I'm not giving you a thumbs up now, but maybe there's some other options I could find for you that could allow you to purchase sooner than later!
Best regards, Jeff Marr