Newly Self-employed - Can I get a mortgage loan?

[Garit Boothe]

Looking to refinance my current home and buy a new home, so that I can rent out my current one. (Do some house hacking.) But mortgage lenders are telling me that I need 24 months of self employment history to qualify for a loan!

I left my full-time, W-2 job in August to go full-time with my internet marketing (SEO) freelancing business. Technically my LLC started in April, and I've been making at least $3k/month with my freelancing since January. (Although I did not have the actual business "filed" until April.) Now my income is around $12,000 per month, and growing.

Goals are this: bought my current/first home last November/13 months ago with a 30-year fixed at 3.75% interest. Would like to refinance below 3% if possible, given the current rates.

Also, my wife and I would like to do some house hacking. Basically buy a new home at 5% down to live in, and rent out this one. In my market in the Salt Lake City, Utah area, homes are appreciating fast! And my current payment could be covered by rental income.

I have 760+ FICO scores and a low 6-figure income. Have been in the same line of work for 6 years, and have plenty of money saved, about $30,000. Wouldn't this make me a good risk, to the right lender? The whole reason that I left my job was to make more money, and I have been successful in that so far.

Would appreciate your help with this! I've heard that mortgage lenders who do their own underwriting might be able to work with me. Would love more insight into something like that.

Thanks in advance!