Possibly, but the answer starts with your real qualifying income, which for 1099 earners means the net figure on your tax return. Lenders qualify self-employed income from the net profit reported on your tax return after business expenses, run through a cash-flow analysis that adds back certain non-cash items. Gross receipts and the 1099 alone do not get used. If $120,000 gross carries $65,000 in write-offs, your qualifying income could sit closer to $54,000. The tax returns have to be reviewed to establish the real number, and everything else depends on it. Second, adding your 19-year-old son as a co-borrower is where the credit piece bites. With no credit history, the file almost certainly will not get an automated approval on FHA and would go to manual underwriting, which caps debt-to-income ratios lower (generally around 31/43 on FHA) and requires documented alternative credit, like a consistent record of rent, utility, insurance, or cell phone payments. Fannie Mae can sometimes accept nontraditional credit through its automated system, so the exact path varies by program. The path exists; it is just slower and heavier on paperwork, and the guidelines change, so confirm the current rules. If the combined qualifying income lands near your son's $42,000 plus your net figure, the payment on a $500,000 purchase could be very workable on a debt-to-income basis. And if you are watching shows like ours and asking the question, the instinct to own is usually already there. Run your actual qualifying income and compare the resulting payment to comparable rent, which is exactly what the free Roadmap conversation is for: about 20 minutes, your figures instead of a guess.