Non-QM :
Non-QM Loans do not meet the credit requirements of Fannie Mae and Freddie Mac. Loan applicants typically have a bad credit history, have filed for bankruptcy, have had a property in foreclosure, need a bank statement program, etc…Non-QM are often issued as temporary loans until the applicant can restore credit and qualify for conforming “A” loans. Interest rates on  Non-QM Loans are generally higher than for conforming Qualified Mortgage loans.