For those who are self-employed, the FHA will require proof of two years of tax returns and an up-to-date balance sheet and profit and loss statement to qualify for an FHA loan. If you have been self-employed between one to two years, you may still be eligible for an FHA loan if you have a good work and finance history for the two years leading up to becoming self-employed and you are in the same or related occupation.
Even if you have filed for bankruptcy or been foreclosed upon, you can still qualify so long as you’ve rebuilt your credit. The waiting period is usually 3 years after a foreclosure and 2 years after a bankruptcy.