Bank-Statement Loan Documentation Checklist

A bank-statement loan replaces tax returns with statements, but it doesn't mean less paperwork. It means different paperwork. Collecting it all up front is the difference between a clean submission and a week of conditions.

This checklist pulls from published lender materials. Every lender's list is a little different, so use it as a starting point and check your lender's current submission checklist.

1. The statements

• [ ] 12 or 24 consecutive months, for every account used for income. Silver Hill requires consecutive months dated within 90 days of the note date; Plaza also uses a 90-day window. [1][2]
• [ ] All pages of each statement, including blank or "this page intentionally left blank" pages.
• [ ] Business statements for personal-statement files, if the program requires them. Plaza wants the most recent 2 months of business statements showing business activity and transfers to the personal account. [2]
• [ ] Account type is consistent with the program. Silver Hill doesn't permit combining personal and business statements. [1]

Check each statement against a baseline. Fannie Mae's Selling Guide (for asset verification) says statements must clearly identify the financial institution and the borrower as account holder, show at least the last four digits of the account number, the period covered, all deposits and withdrawals, and the ending balance. [3] That's a sensible test for any statement you submit.

2. Ownership

• [ ] Ownership percentage documented by a third party. Angel Oak's broker checklist lists a business percentage-ownership letter from a third-party CPA or tax preparer for business or personal bank-statement loans. [4] Plaza accepts a CPA letter, tax preparer letter, operating agreement or equivalent. [2]
• [ ] Meets the program minimum. Examples: 25% at Arch and Angel Oak; 20% (personal) and 25% (business) at Plaza; 25% (personal) and 50% (business) on the Silver Hill sheet. [5][6][2][1]

3. Proof the business exists and is operating

• [ ] Business history. Plaza requires the business to have existed at least 2 years, shown by a CPA or tax preparer letter, a business license, a business bank statement from 24+ months before the note date, or other reasonable evidence. [2]
• [ ] Currently operating. Silver Hill requires confirmation that the business is currently operating and a CPA, accountant or tax preparer letter verifying self-employment. [1]

See article 19 for self-employment history rules.

4. Expense documentation (business statements)

• [ ] Expense ratio letter, if using a factor below the default. Angel Oak's checklist lists a business expense-ratio letter from a third-party CPA or tax preparer, referring brokers to AE notes on the prequal for whether it's required. [4] See articles 07 and 16.

5. Narrative and questionnaire

• [ ] Business narrative. Silver Hill requires a Business Narrative Form with business statements. [1] Plaza's fixed 50% option requires a borrower-completed narrative covering location/rent, employees and contractors, COGS and physical assets. [2]
• [ ] Lender questionnaire. Angel Oak's checklist requires its Bank Statement Questionnaire. [4]

6. Explanations

• [ ] LOEs for large deposits, NSFs/overdrafts, declining income or deposit-pattern changes, as needed. Angel Oak's checklist lists an LOX "if applicable." [4] See article 09.
• [ ] Sourcing documents for large deposits needed to close on a purchase. See article 10.

7. Your worksheet

• [ ] The income calculation. Silver Hill says an underwriting bank-statement calculation form must be used and made part of the loan file. [1] Use the lender's own form if it has one.

What not to include

• [ ] Tax returns. Plaza says tax returns, 4506-C and transcripts aren't required for bank-statement documentation, and if they're provided the loan becomes ineligible for the bank-statement program. [2] Silver Hill says tax returns and transcripts must not be included. [1] Check this before you upload a "complete" borrower package.

Sources (checked 2026-10-15)

Lender rules as published on the sources_verified date; check the current guide before relying on them.

1. Bank Statement product sheet (© 2025 Silver Hill Capital), hosted at https://www.lakeviewcorrespondent.com/wp-content/uploads/2025/07/Bank-Statement-.pdf
2. Plaza Home Mortgage, Solutions Non-QM 1 Product Snapshot (PDF, © 2025): https://www.plazahomemortgage.com/DownloadFile.aspx?FileName=Solutions+Non-QM+1+Product+Snapshot.pdf&FilePath=%5CDocuments%5CPlazaPrograms%5CSolutions+Non-QM+1+Product+Snapshot.pdf
3. Fannie Mae Selling Guide, B3-4.2-01, Verification of Deposits and Assets: https://selling-guide.fanniemae.com/sel/b3-4.2-01/verification-deposits-and-assets
4. Angel Oak, Broker Loan Submission Checklist (PDF, form MS_A036_0521): https://angeloakms.com/wp-content/uploads/Loan-Submission-Checklist-Broker.pdf
5. Arch Mortgage Funding, Non-QM program quick reference (PDF): https://mortgage.archgroup.com/wp-content/uploads/sites/4/MCUS-B1531AMF-26A-Non-QM-Program-QR.pdf
6. Angel Oak Mortgage Solutions, Bank Statement Loan program page: https://angeloakms.com/programs/bank-statement-mortgage-program/

Sources 1–2 are correspondent or product documents. Wholesale (broker) guidelines from the same companies may differ.

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