Loan Types

Loan Types Mortgage One Group helps you find the mortgage that fits your financial needs

Conventional Loan

A conventional loan is a type of loan that is not offered or secured by a government entity like the FHA or VA. Instead, these loans are made available by government-sponsored enterprises such as Fannie Mae and Freddie Mac. The current conventional limits for 2022 are:

Maximum Loan Amount for 2022

Units Contiguous States, District of Columbia, and Puerto Rico Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1 $647,200 $970,800
2 $828,700 $1,243,050
3 $1,001,650 1,502,475
4 $1,244,850 $1,867,275

Maximum Loan Amount for 2023

Units Contiguous States, District of Columbia, and Puerto Rico Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1 $726,200 $1,089,300
2 $929,850 $1,394,775
3 $1,123,900 1,685,850
4 $1,396,800 $2,095,200

High Balance Loan

For high-cost areas, potential homeowners can still utilize the benefits of a conventional loan rather than going into a Jumbo Loan Program.

You can look up maximum loan limits using the link: Click Here Maximum Loan Amount for High-Cost Areas for 2022

Units Contiguous States, District of Columbia, and Puerto Rico
1 $970,800
2 $1,243,050
3 $1,502,475
4 $1,867,275

Maximum Loan Amount for High-Cost Areas for 2023

Units Contiguous States, District of Columbia, and Puerto Rico
1 $1,089,300
2 $1,394,775
3 $1,685,850
4 $2,095,200

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Jumbo Loan

Mortgages above conventional limits may need to go with a jumbo mortgage for financing. Since they are portfolio loans from banks and private lenders, they come with unique underwriting requirements.

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FHA Loan

FHA loans are insured by the Federal Housing Administration and are mostly suitable for low-to-moderate income borrowers with lower down payments and/or less than perfect credit scores.

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VA Loan

VA Loan is a program established by the United State Department of Veterans Affairs to help veterans and their families purchase homes with no down payment. Borrowers must obtain a Certificate of Eligibility from VA to apply for this loan.

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Stated Income Loan

For more complex income situations, we offer products without verifying tax returns. With alternate income documents like P&L statements, Verification of Employments, 1099 only, Bank statement only, DSCR, etc., you can still get a mortgage with larger down payments and good credit scores.

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Foreign National Loan

You can still buy homes in the United States even though you are not a US citizen. With higher down payments, we allow foreign income and credit to be used to offer mortgages to non-residents.

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Reverse Mortgage

Reverse mortgages are for homeowners ages 62 and older. This allows homeowners to convert their home equity value into cash without any monthly mortgage payments.

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