Is it possible to get a loan with <2 years of employment history?

[Cameron Bremner]

I (21M) have been wanting to get into the real estate investing space for some time and am looking to purchase a multifamily to house hack. The main issue I’m facing is that I have only been working in my current job (first ever salaried position) for ~8 months, as I was in college last until last May, and I understand that 2 years of consistent income is considered a requirement for lenders. I had a few short stints in part time jobs in college, but nothing consistent. I now make 68k and have been saving like crazy, which along with some investments I made with money from my high school job gives me around 80k to play with. I also have a good (~780) credit score and no debt.

I currently have my eyes on a fourplex for $500k, which according to my calculations will cashflow ~$350 with me living in one of the units, and then ~$1,850 should I decide to move out and rent my unit (this accounts for mortgage payments based on a 3.5% down FHA loan, insurance, property tax, repairs, capX, and vacancy). My plan would be to live there for the year required by the FHA loan then move out and rent out my unit. So given this plan, what are my odds of getting approved for an FHA loan given my limited employment history? Am I setting my sights too high by pursuing a $500k house, and would I be more likely to qualify on a less expensive one? Is it worth looking into conventional loans with mortgage insurance as an alternative? I'm aware that there are other methods of creative financing (bringing in a partner, seller financing, etc) but I'd like to avoid complicating things with a partner if possible since I am able to afford the down payment and would like to manage the property myself. I also don't believe seller financing is an option for this property.

I’d welcome any comments or suggestions on the situation!