A Qualified Mortgage meets particular requirements under federal mortgage rules. A Non QM loan does not meet those Qualified Mortgage criteria. That classification alone does not tell you the interest rate, documentation, loan limit or whether you will qualify.
For most consumer mortgages, lenders must make a reasonable, good faith determination that the borrower can repay the loan. Ask which rules and documentation apply to the specific loan being considered.
A borrower with business income, significant assets or another less conventional financial profile may want to discuss alternative documentation. The appropriate approach depends on the lender, transaction purpose and complete borrower and property review.
Do not assume that a standard documented loan is unavailable simply because you are self employed. Compare the routes you can actually qualify for before selecting one.
There is no universal Non QM loan amount, cash out maximum, rate premium or closing timeline. Obtain the actual terms for your transaction. A general website description is not a loan quote or a guarantee of eligibility.
Review our bank statement loan information and mortgage questions, or contact SHL for a discussion. Use an approved secure process for financial documents.
Sources: CFPB Qualified Mortgage explanation and CFPB ability to repay explanation.
Educational information reviewed October 23, 2026. Not a commitment to lend. Program availability, documentation and approval depend on the applicable lender and underwriting requirements. Strategic Home Loans, NMLS 340445.
Learn more about alternative mortgage options, bank statement income, asset review, self-employed borrowers, documentation, credit, and loan program differences in our Mortgage FAQ.
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