Self employed 1.5 years...cant get conventional financing?

[Richard Phan]

I am beginner investor looking to get my first rental under my belt. I spoke to a lender today about getting a conventional loan since I am looking to purchase a rental property out of state. I was told I would need 2 recent yrs of tax returns if I am self employed, which I kind of expected. I guess I have to wait until the end of the year. I'll seek other loan options, but isn't that higher rates and more downpayment is needed?