Qualified or Conforming Mortgages used to be the most typical mortgage that the home owner would qualify for. There were mortgages that fully conformed to Fannie Mae and Freddie Mac conventional guidelines. These loans are easiest for most homebuyers and refinancers to qualify for.
NON QUALIFIED MORTGAGES
A non-qualified mortgage (non-QM) is a home loan designed to help homebuyers who can't meet the strict criteria of a qualifying mortgage. For example, if you are self-employed or don't have all the necessary documentation to qualify for a traditional mortgage, you might need to look at non-qualified mortgages.
Government Loan Programs
Government mortgage loans are loans that the government makes to people who are seeking to buy a home. These loans are often referred to as Federal Housing Administration (FHA) loans and they are made by the Housing & Urban Development (HUD) department of the government.
Hard Money Loans
A hard money loan is a type of loan that is secured by real property. Hard money loans are considered loans of "last resort" or short-term bridge loans. These loans are primarily used in real estate transactions, with the lender generally being individuals or companies and not banks.