203K Underwriting guideline question

[Nando Gapasin]

Hello, I found a home that can be purchased for $100K and needs $140K in rehab. ARV $315K. I was thinking about using a 203K loan, but was uncertain about the underwriting guidelines for the 203K.

- Do I qualify for 203K if I've already had a 3.5% FHA loan?

- Can I be self employed less than a year and qualify ?

Please let me know if you experience with the 203K.  Thank you! Nando