Bank Statement

Bank Statement Loans are designed for self-employed individuals, freelancers, and business owners who may not have traditional W-2 income but maintain strong cash flow through their business. Instead of using tax returns to verify income, lenders evaluate personal or business bank statements over a set period, typically 12 to 24 months, to determine the borrower's ability to repay the loan.

At Murray Mortgage Solutions, we specialize in helping self-employed borrowers access mortgage financing without the limitations of conventional income documentation. Many self-employed individuals write off significant expenses on tax returns, which can reduce reported income and make it harder to qualify for a traditional loan. A Bank Statement Loan allows for a more accurate reflection of a borrower's actual earnings, making homeownership more accessible for entrepreneurs and independent professionals.

These loans offer flexibility in qualifying but often require higher down payments and credit scores than standard conventional loans. Interest rates may also be slightly higher due to the alternative income verification process. However, they provide a valuable option for borrowers with strong cash flow who may not fit into conventional lending guidelines.

Not sure which loan option is right for you? As a Mortgage Broker, we take a single application and use it to pre-qualify you for a variety of loan types, ensuring you receive the best possible financing solution for your unique situation. With our ClearPath™ application system, you have full transparency and flexibility, allowing you to move forward with confidence.