Self-Employed Mortgage options

[Loyal Carpenter]

I have a friend who has been self-employed for about 6-months. He's doing great & just hired another employee. His understanding is that he is unable to qualify for a mortgage until he has been in business for two years. He's got a down payment & looking to buy his first home in the mid-term future. Does he have other financing options to secure a mortgage prior to this 2-year mark? 

[Lyndsay Zwirlein]

Quote from @Loyal Carpenter:

I have a friend who has been self-employed for about 6-months. He's doing great & just hired another employee. His understanding is that he is unable to qualify for a mortgage until he has been in business for two years. He's got a down payment & looking to buy his first home in the mid-term future. Does he have other financing options to secure a mortgage prior to this 2-year mark? 

Like others have said, conventional requires 2 year history. DSCR won't work because it's owner occupied. He could do a bank statement loan program after 12 months!