Trouble getting an FHA loan approval

[John Moussa]

I'm in a big dilemma. Me and my wife are both pharmacists and are looking to buy a mixed use property in Brooklyn (around $1M). Unfortunately, because we both work new jobs that give us a 1099 we don't have enough income that the bank will accept (they only accept a W2 or a 1099 job for longer than 2 years). I spoke with a broker and he said that no matter what type of loan whether conventional or FHA, we coudlnt get approved even though we are putting $200K down. We currently have a mortgage ($2500/mo), 2 car payments($1200/mo), and 2 student loans ($1500/mo)which I guess is also playing a role in the bank's decision. Any suggestions on how to get around this?