Loan Types
Traditional & Government Issued Loans and Programs
2026 Conforming Loan Limits (Illinois & Florida)
The Federal Housing Finance Agency sets conforming loan limits annually for conventional loans. For 2026, the baseline limits for most U.S. counties, including all of Illinois and most of Florida, are:
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$832,750 -One-Unit Limit
$1,066,250 -Two-Unit Limit
$1,288,800 -Three-Unit Limit
$1,601,750 -Four-Unit Limit
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Monroe County, Florida is designated as a high-cost area and has higher conforming loan limits.
Note: These limits apply to conventional conforming loans. VA loan eligibility does not follow standard FHFA limits and may vary based on borrower entitlement.
Conventional Loans:
Fixed & Adjustable-Rate Mortgage
Conventional mortgage loans are among the most common financing options for home purchases and refinances. These loans may be structured as fixed-rate or adjustable-rate mortgages and can include both conforming and non-conforming (jumbo) options.
To qualify for a conventional loan, borrowers typically need a minimum credit score of 620. Applicants with higher credit scores may be eligible for more favorable interest rates and overall loan terms.
Debt-to-income (DTI) ratios generally range up to 45%, although higher ratios may be considered depending on the borrower’s overall financial profile and compensating factors.
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Conforming Loans
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Conforming loans are conventional mortgages that meet the guidelines established by the Federal Housing Finance Agency and are eligible for purchase by Fannie Mae and Freddie Mac.
Loan limits are updated annually and vary by county. Contact One Republic Mortgage to determine the current conforming loan limits for your specific area.​​
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Fixed-Rate Mortgages (Conventional, FHA, and VA):
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In a fixed-rate mortgage, the interest rate remains the same for the life of the loan. This option is popular among borrowers who plan to stay in their home long-term and prefer predictable monthly payments.
Common fixed-rate loan terms include 15-, 20-, and 30-year amortizations. Each monthly payment consists of both principal and interest, with the proportion shifting over time—more interest early in the loan and more principal later. Longer loan terms generally result in lower monthly payments but higher total interest paid over time.
Pros:
• Predictable monthly principal and interest payments
• Protection from rising interest rates
Cons:
• Higher total interest over longer loan terms
• Interest rates may be slightly higher than adjustable-rate options
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Adjustable-Rate Mortgage (ARM):
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An adjustable-rate mortgage (ARM) features an initial fixed-rate period, typically 5, 7, or 10 years, followed by periodic rate adjustments based on market conditions.
After the initial fixed period, the interest rate may adjust at predetermined intervals. These adjustments are subject to rate caps, which limit how much the rate can increase over time.
This type of loan may be suitable for borrowers who do not plan to stay in the home long-term or for certain investment strategies.
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Pros:
• Lower initial interest rates during the fixed period
Cons:
• Monthly payments may increase after the fixed period ends
Disclaimer: Loan programs, rates, terms, and conditions are subject to change without notice. All loans are subject to credit approval, underwriting guidelines, and program eligibility.
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