I want to try to secure an FHA Loan for a house hack, multi unit home in Chicago. Ideally a 3 flat, with at least 3 units, but 4 would be better for cash flow, obviously. These are not cheap.

I made really good income in 2019, but 2018 was about a qtr of that.  2017 was closer to 2019 income. Should I wait to apply for a loan, until I get my 2019 taxes completed, in order to get a higher line approved?

Thanks in advance.

Originally posted by @Nathan Mount :

I want to try to secure an FHA Loan for a house hack, multi unit home in Chicago. Ideally a 3 flat, with at least 3 units, but 4 would be better for cash flow, obviously. These are not cheap.

I made really good income in 2019, but 2018 was about a qtr of that.  2017 was closer to 2019 income. Should I wait to apply for a loan, until I get my 2019 taxes completed, in order to get a higher line approved?

Thanks in advance.

 What type of income do you have, and what was your reason for taking time off and/or earning less in 2018? 

For example broad discretion is allowed when a new parent takes p/maternity leave, provided that the period "before" the leave more or less supports what the new parents are asserting their "after" parental leave is, or will be.

Contrast that with "oh I just didn't feel like working, no particular reason." Those are the two extremes. 

Started a consulting gig that didn't make as much in 2018, but did extremely well in 2019, and will continue to do so this year and beyond