Business vs Personal Bank Statements: Picking the Right Account for the File

Self-employed borrowers usually have a business account, a personal account, or one account doing both jobs. Non-QM programs treat each differently. The account you pick changes the ownership minimum, whether an expense factor applies, and which deposits count.

Here's how four published programs handle it.

The short version

Personal bank statements

Personal statements can produce a higher number because there's usually no expense factor: the business has already paid its expenses before transferring money to the owner. Lenders control for that by limiting which deposits count.

• Plaza Solutions Non-QM 1 requires the most recent 2 months of business statements alongside the personal statements. They must show activity supporting business operations and transfers to the personal account. Only transfers or deposits from the business account(s) are eligible, though ATM deposits may be included if there's a consistent pattern. Ownership of at least 20% must be verified. [2]
• Newfi's correspondent NQM matrix (eff. Jan 13, 2025) allows 100% of qualified deposits in the personal account when there's evidence of a separate business account showing transfers and activity, with a minimum of 20% ownership. [3]
• The Silver Hill program sheet requires a minimum of 25% self-employment for personal statements and 2 months of business statements. If the borrower can't provide them, business-statement rules apply. It also warns that when a personal account is jointly owned with someone who doesn't own the business, extra care is needed so only eligible business transfers or deposits are used. [4]

Business bank statements

Business statements show the gross revenue, so an expense factor applies.

• Ownership minimums vary: 25% at Plaza and Newfi [2][3], 50% on the Silver Hill sheet [4], and Arch's program quick reference lists a 25% minimum business ownership for its bank-statement option. [5]
• Ownership must be documented. Plaza accepts a CPA letter, tax preparer letter, operating agreement or equivalent third-party documentation. [2] Silver Hill requires a CPA letter confirming ownership percentage. [4]
• A business narrative is usually required. Silver Hill requires a Business Narrative Form when business statements are used [4]; Newfi requires one for business or co-mingled statements before submission. [3]

See our expense factor guide (article 07) for how the factor is chosen.

Co-mingled accounts: one account for everything

Many sole proprietors run the business through a personal account. Programs that allow this usually treat the account like a business account:

• Plaza: if there's no separate business account, the personal statements are reviewed under business-statement guidelines, an expense factor applies, and the borrower must be 100% owner (borrower and spouse with combined 100% is eligible). [2]
• Newfi: co-mingled statements require 100% ownership (borrower plus spouse allowed). [3]
• Plaza also says that if business deposits land in both a personal and a business account, only deposits into the business account may be used. [2]

Can you combine personal and business statements?

Not always. The Silver Hill sheet says plainly: "Combination of personal and business bank statements is NOT permitted." [4] Ask your AE before mixing account types on one file.

How to choose

1. Is there a separate business account? If not, you're likely on co-mingled rules with 100% ownership and an expense factor.
2. What's the ownership %? A 30% owner may not qualify on business statements under a 50% minimum, but may on a program with a 25% minimum.
3. Run both numbers if the borrower has both accounts: personal deposits from the business vs. business deposits after ownership and expense factor.
4. Check the transfer trail. Personal-statement programs often want to see the business-to-personal transfers.
5. Gather the ownership letter and narrative early. They're common conditions.

Sources (checked 2026-10-15)

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

1. Arch Mortgage Funding, Bank Statement Income Calculator (XLSX, © 2026), Calculation Instructions tab, linked from https://mortgage.archgroup.com/arch-mortgage-funding/calculators/ (file: https://mortgage.archgroup.com/wp-content/uploads/sites/4/MCUS-1531AMF-23J-AMF-Bank-Statement-Income-Calculator.xlsx)
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. Newfi Correspondent, Delegated Plus NQM Product Matrix, effective January 13, 2025 (PDF): https://newficorrespondent.com/wp-content/uploads/2025/01/Correspondent-Delgated-Plus-NQM-Product-Matrix.pdf
4. Bank Statement product sheet (© 2025 Silver Hill Capital), hosted at https://www.lakeviewcorrespondent.com/wp-content/uploads/2025/07/Bank-Statement-.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

Sources 2–4 are correspondent or product documents. Wholesale (broker) guidelines from the same companies may differ.

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