Requirements for a FHA being self employed

[Jake Vice]

Hello BP members thank you for taking the time out to read this! I am going to be in the market in the next 6-8 months to buy a property to live in and I am trying to figure out exactly what banks would like to see for a FHA loan for someone who owns there own business (sole prop). The property's value that I am looking at is $400K looking to put 3.5% down. Just wondering if they look at strictly what the business income has been for past two years? Does the income I collect play a role or just business? With a FHA how many months of reserves do they like to see? Any barriers that are pretty common that keep someone from getting a FHA loan that I can try to correct now before getting pre approved in the next few months?