Do I need to wait 2 years to buy property? Advice appreciated

[Rai Ud]

I'm looking to purchase a single-family home and rent out one or two rooms to help offset the mortgage. Shortly after reaching out to a mortgage broker, I remembered that I have a two-year gap in my employment/income history, and my current job is contract-based.

Ideally, I'd like to buy now rather than continue renting. I'm aiming for an FHA loan with a low down payment. I have the funds for the down payment, a few months' worth of emergency savings, a good credit score, and no existing debt. However, I'm concerned that the recent employment gap, combined with the instability of contract work, might make it difficult to qualify for a loan.

I reached out to the broker with these concerns but haven’t heard back, so I’m turning to BiggerPockets for advice.

What’s the best path forward?

Should I wait until I have a full two years of consistent income history, or is there a way I might still qualify for a favorable loan given my current circumstances?

[Ned Carey]

@Rai Ud no I would not wait 2 years. Strat now to talk to multiple lenders to see what kind of criteria you must meet and what the terms will be. Your ability to qualify will vary from lender to lender. Also consider there are many types of lenders and loan in the market; for homeowner properties big banks, local banks, and credit unions are all potential sources.