319: From Hustle to Homeowner: An Entrepreneur’s Guide to Getting Mortgage-Ready with Julie Eccleston
If you’ve ever thought, “I make great money, but I could never get approved for a mortgage as an entrepreneur,” this one is for you.In this Elevate 360 Summit session, Melissa sits down with Julie Eccleston – seasoned sales manager for one of the nation’s largest lenders, executive loan officer, and founder of Home Ownership U. With nearly 20 years in mortgage lending, Julie has personally served over 1,500 families and worked behind the scenes on thousands more as a suspense analyst helping “off the rails” files get back on track.She brings a stat that will make your jaw drop: there are roughly 34.8 million small business owners in the U.S., but 49% of them are denied when they apply for a mortgage, compared to around 12% of traditional borrowers.In this conversation, Julie breaks down what underwriters are really looking at (ability and desire to pay), why your tax returns matter more than your Stripe screenshots, how different stages of self-employment change your options, and what to do now if homeownership is a goal for 2025 or 2026.If you’re W-2 with a side hustle, newly self-employed, or fully in your boss era and wondering how to not torpedo your mortgage approval with aggressive write-offs, this episode will help you build a game plan instead of guessing.TakeawaysUnderwriters always come back to four things: income, assets, property, and credit—plus whether you have both the ability and the desire to pay the loan back.For self-employed borrowers, lenders primarily look at your last two years of tax returns and the bottom line, not just what hits your bank account.The stage you’re in matters: W-2 with a side hustle, newly self-employed, 1–2 years in, and 2+ years self-employed all come with different paths and options.Heavy write-offs may feel great at tax time, but they can absolutely shrink your lendable income and get your file denied if there’s no strategy.Not all loans are created equal: beyond conventional and government-backed loans, non-QM options (bank statement loans, P&L loans, asset-based loans, DSCR) can open doors for entrepreneurs who don’t fit the traditional mold.Getting fully underwritten before you shop (not just “pre-qualified”) is crucial for self-employed buyers so you don’t fall in love with a home you can’t actually close on.The right lender should be able to explain how they calculate your income, what programs they’re recommending and why, and show real experience working with self-employed borrowers.Topics discussed in this episode:homeownership for entrepreneurslender and underwriter logicincome, assets, property, creditW-2 + side hustle vs fully self-employedtax returns, write-offs, and net incomeprofit and loss statements and separate business accountsconventional, FHA/VA/USDA, and non-QM loan optionsbank statement loans, asset depletion, DSCR loansquestions to ask any lender before you work with thembuilding a timeline and strategy to get mortgage-readyLinkedIn™BUSINESS RESOURCES:▶ Ready to upgrade your leadership and surround yourself with high-performing entrepreneurs? Get a $1 preview inside Melissa’s private community, The Hive: https://burnouttoallout.thrivecart.com/hive-preview/▶ FREE Daily Lead Gen Checklist: http://www.burnouttoallout.co/linkedin-checklist▶ For more resources and information on Melissa’s current offerings: