What type of loan is typically not sold on the secondary mortgage market?

Non-conforming loans are typically not sold on the secondary mortgage market due to their failure to meet the specific guidelines set by government-sponsored enterprises like Fannie Mae and Freddie Mac. These loans often exceed the conforming loan limits, which means they cannot be packaged and sold in the same way that conforming loans can.

Conforming loans, on the other hand, adhere to these guidelines, making them easily marketable. Conventional loans may or may not conform to the standards, but typically, if they do conform, they can also be sold on the secondary market. Fixed-rate loans refer to the interest structure of the loan and can either be conforming or non-conforming based on the guidelines they meet. Therefore, non-conforming loans remain distinct in that they lack the attributes necessary for secondary market sales.