Chicago HUD 1st timer! Help!!!

[Chase London]

Here's whats going on. I want to buy my 1st property early 2016. Ive began getting my credit scores up and im in the high 600's and will be in the 700s before buying. I planned to buy a multi unit from HUD and live in 1 unit and rent the 2 others. Heres my thing though, earlier this year I quit my job to run my retail store business full time so now my tax return will reflect self employed income where losses may be reported. Am I in a space where it will be hard to get a FHA loan to buy a HUD property? For the sake of my business I need to stop renting and have ownership of where I live. Please can I get advice or I sight on something like this.