Different Types of Loans

One True Loan offers 5 different types of loans. These different loans provide our clients with wide loan range amounts. Below you can see our broad range of loans and how the loan limits determine which loan might be the one for you.

Conventional Loans

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Conforming Loans

The Federal Housing Finance Agency (FHFA) determines the conforming loan limits used by Fannie Mae and Freddie Mac. These loan limits are designated per county and updated yearly. Mortgage loans that are within the conforming loan limits have better pricing than mortgage loans that are not within the conforming loan limits. The 2023 conforming loan limits, for most of the U.S., on one-unit properties are $726,200.

Super Conforming Loans

The Super Conforming, also known as high-balance, loan limits are for specific counties defined as high-cost areas. A number of states do not have any high-cost areas. Mortgage loans that are within the super conforming loan limits usually have better pricing than jumbo loans.The 2023 super conforming loan limits, for most of the U.S., on one-unit properties are $1,089,300.

Specific Fannie Mae state and county loan limits available here.

Jumbo Loans

Jumbo loans exceed the conforming loan limits created by Fannie Mae and Freddie Mac. These are loans with balances above the county super conforming loan limits. We currently offer up to $2.5 million.

Non-Conventional Loans

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FHA Loans

FHA loans are insured by the Federal Housing Administration. FHA loans were created to assist Americans who otherwise might not have enough money for a significant down payment. FHA allows potential homeowners to borrow more money that a traditional loan. This product is available for Primary residences only.

• Only 3.5% down payment to purchase a home.
• More flexibility to qualify with lower credit scores than traditional conforming loans.
• FHA loans are assumable.
• Sellers may pay up to 6% of the buyers closing cost on purchases.
• No appraisal required on streamline FHA refinance loans if you are already in an FHA loan.

VA Loans

VA loan is a mortgage that is guaranteed by the US Department of Veteran Affairs. VA loans were created for active duty military and retired veterans who qualify. It can be used to purchase a home or to refinance an existing home as long as it is the veterans primary residence.

• No money down financing for active duty military or retired veterans to purchase a home.
• There is no PMI on VA Loans.
• Sellers may pay up to 6% of the veterans closing cost on purchases.
• Cash out refinances up to 90% of the homes value.
• VA Streamline refinance with minimal qualification available if you are already in a VA loan.