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The statement
checklist.

One page that tells a self-employed borrower exactly what to send for a bank statement loan, so the first package is the complete one. Print it, save it as a PDF, or send the link.

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Bank statement loan

What to send us.

Borrower

From

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Your loan is qualified from your bank deposits instead of tax returns. The lender reads every deposit, so complete statements now save a second round of requests later.

(01) Bank statements

  • 12 or 24 consecutive months, ending with the most recent statement that has closed. Months needed: ________
  • Every page of every statement, including pages that look blank or are only ads or notices.
  • PDFs downloaded from online banking where possible. Scans and phone photos are slower to check.
  • Statements for every account the business income runs through. Account(s): ______________________

(02) If you're qualifying on personal statements

  • Your personal statements for the months above.
  • 2 months of business statements that show the transfers to your personal account (some lenders require them).

(03) About the business

  • Your ownership percentage and something that shows it, such as a CPA letter or the operating agreement.
  • If your tax professional can: a letter from your CPA, EA or tax preparer stating the business's expense ratio. It can raise the income we can use.
  • If the program uses one: a profit and loss statement for the same months, prepared or reviewed by a tax professional.

(04) Notes we'll ask about

  • A one-line note on any large deposit that isn't a normal customer payment (a loan, a sale of equipment, money from savings).
  • A list of accounts that transfer into the account above, so transfers aren't counted as income.
  • A short explanation of any returned items (NSF) or overdrafts in the last 12 months.

(05) How to download statements

In your bank's website or app, look for Statements or Statements & documents, pick each month, and choose Download or Save as PDF. Send the files as they are; please don't edit, combine or re-type them.

Checklist by DepositDesk · trydepositdesk.com/checklistFree to print and share

(01) For brokers

Why the checklist asks for what it asks for.

  • Every page, consecutive months: income is divided by the full 12 or 24 months, so a missing month lowers it. See how the income is calculated.
  • Two months of business statements: Newfi and Verus ask for them on personal-statement files, and Angel Oak uses them to allow 100% of personal deposits. See business vs personal.
  • The expense letter: the biggest lever on a business file. See expense factor explained.
  • Large deposits, transfers, NSFs: the first questions an underwriter asks. See excluded deposits and NSF limits.

(02) FAQ

Questions brokers ask.

What documents does a borrower need for a bank statement loan?

Usually 12 or 24 consecutive months of complete bank statements (every page), proof of business ownership, and, where the program allows, a CPA or tax-preparer expense letter or a P&L. Personal-statement programs often also want 2 months of business statements.

Can I send this checklist to borrowers?

Yes. Print it, save it as a PDF or forward the link. It's free, needs no sign-up, and you can write your own name and due date on it.

Why do lenders want every page of a statement?

Blank-looking pages can carry transactions, notices or balance information, and missing pages make a statement incomplete. Acra's bank statement calculator, for example, asks for all pages.

(Next step)

When the statements arrive, run them.

Drop the borrower's PDFs into DepositDesk and get the income worksheet with every exclusion and flag explained, in your browser. Your first file is free.

Run a file free →Statements never leave your browser