Trouble getting loan on commission salary

[Kyle Scholnick]

I am on commission in my job, and although I do well, banks have been turning me down for loans because I don't have a commission history of at least 2 years. Prior to 5 months ago I was all salary. So based on this I can't get a loan for 2 years! 

Any ideas on how to get around this??

So frustrating because I got the house picked out, numbers check out, but the banks keep loan blocking! Any suggestions?

[Shaun Weekes]

@Kyle Scholnick

Kyle I never received your answer but here is a way that you can improve your situation.

Open up an LLC or S Corp. If you get paid cash put this into your business account and pay yourself w2 income. If you're getting a 1099 ( which I would recommend ) have your employer pay your company. Repeat the same pay to yourself and also pay Yourself a K 1 every quarter or month or however you want. Just make sure the dollar amount is always the same and consistent.

Your employer can pay you W2 even on commission.  See if they will get this done for you as well.  It would avoid the other remedies.

If your job requires a license great.  If not get a business immediately.

Conventional loans can be done with one year tax returns.  However is your self employed you have to show a license of some sort for at least 2 years.