A Non qualified mortgage loan is what is referred to as a Non-QM Loan in the industry. In our mortgage industry, a qualified loan is when it ticks all the boxes required by the CFPB (Consumer Financial Protection Bureau) and those set by the government. This includes loans like Freddie Mac and Fannie Mae. But not every borrower or their situation always fits the guidelines set by the government. Self-employers, ITIN borrowers, people with credit blemishes and foreclosures, low credit scores, and previous bankruptcy filings can find it very exhausting to try to find a loan they qualify for. More often than not, they just don’t qualify.