There is a lot of varying terminology around different loan types, this breaks down the basic categories that all mortgage loans can fall into.
Saleable Mortgages and Conforming Mortgages
Saleable mortgages are also called conforming loans, meaning they conform to standardized underwriting guidelines. Fannie Mae, Freddie Mac, FHA, VA and USDA all have published underwriting guidelines that a loan must comply with in order to be eligible for purchase by the end investor. You can find all of these guidelines for FREE on their respective websites linked below:
Fannie Mae https://selling-guide.fanniemae.com/Sel ... u-Closing/
Freddie Mac Section 4000 https://guide.freddiemac.com/app/guide/series/4000
and 5000 https://guide.freddiemac.com/app/guide/series/5000
(Freddie Mac is generally my go to for conventional loans)
FHA https://www.hud.gov/program_offices/adm ... books/hsgh
VA https://www.benefits.va.gov/warms/pam26_7.asp
USDA https://www.rd.usda.gov/resources/directives/handbooks
Non-Saleable Mortgages and Portfolio Mortgages
Non-Saleable mortgages, also called portfolio loans, are loans that are originated and held by the originating institution. Examples of this are construction loans, lot loans, vacant land loans, Jumbo loans, most Adjustable Rate Mortgages (ARM's), and Home Equity Loans and Lines of Credit (HELOC/HELOAN).
Qualifying Mortgages - QM and non-QM
Another quality of a mortgage loan is whether it is a qualifying mortgage or a non-qualifying mortgage. Saleable mortgages will always be considered a qualifying mortgage, which means the traits of the loan, including cost and terms, qualifies the loan for the 'safe harbor' provision built into lending regulations and absolves the lender of certain legal liabilities. Non-QM loans are often the term used to describe loans that don't fit these provisions, and include loans like hard money loans, debt service coverage ratios loans (DSCR), and bank statement loans (loans approved based on cash flow through a certain bank account).