You need to talk to a realtor and a mortgage broker. It is possible to househack with what you have; however, the timing is bad now unless you found a duplex or something that already had a good tenant in place and a vacant or month-to-month tenant whose side you can take. Getting renters this time of year is a major pain.
My husband and I did this very successfully in a similar position to yourself and have a nicely cash flowing duplex now. Prices have gone up so they're a bit harder to find now but every now and then they pop up. With an FHA loan and first time homebuyer credits, your out of pocket cost to buy will be surprisingly low. It's repairs and getting a tenant that will be hard.
Feel free to PM if you like; I’m a part time realtor and also can recommend a couple great mortgage brokers in the area if you need one.
Oh, and no regular bank or broker will lend to you on a commission income without two years of paystubs, so I’d highly recommend waiting to quit whatever regular job you have until you’ve purchased, or pushing your purchasing plans several years down the road. Annoying, I know.
