- 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, or have had a property in foreclosure. Non QM Loans 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 “A” loans. These are brokered loans.