Explore FHA-insured mortgage options with a licensed broker.
Unlocking the American Dream, one home at a time. Clear, sourced FHA guidance from a licensed mortgage broker — so you can understand the current HUD rules before you decide.
No obligation. Tell us about your plans and a licensed loan officer reviews what is possible.
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Your info
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Loan details
Quick answer
How does an FHA loan work in 2026?
An FHA loan lets you buy a home with 3.5% down at a 580 FICO score (10% down from 500–579), allows debt-to-income ratios up to 56.9% with compensating factors, and permits the seller to pay up to 6% of the price toward your closing costs. Combined with the FHA down payment assistance second lien, many buyers close with little to nothing out of pocket.
What this means for your mortgage
If you have a 580 score and about 3.5% saved — or none saved and you use the FHA DPA second lien — you are likely closer to buying than you think.
Reviewed by the licensed mortgage team at Simply Approved Mortgages · Last verified August 23, 2026 against HUD Handbook 4000.1
3.5% minimum down payment at 580+ FICO; 10% down from 500–579
2026 FHA floor limit is $541,287 and the high-cost ceiling is $1,249,125 for one unit
Upfront MIP is 1.75% (financeable) and annual MIP is typically 0.55%
Seller can pay up to 6% of the sale price toward closing costs
FHA DPA can cover 2.5%, 3.5%, or 5% of the price as a repayable second lien
Gift funds from family, employers, and eligible agencies are allowed for the full down payment
Licensed mortgage broker
Simply Approved Mortgages LLC · NMLS #2620881
Guidance from a loan officer
We explain FHA options; lenders make all credit decisions
2026 FHA limits
$541,287 floor · $1,249,125 ceiling
Licensed in Colorado and Florida
877-813-7219
FHA Loan Rates for FHA Home Loans
Everything on this page about FHA Home Loans comes back to one question: what does the loan actually price at? There is no single FHA rate: pricing moves with your credit profile, loan size, loan-to-value, property type, term and how long you need the rate held. Price your scenario below to see the live FHA options available to us, with the provider's own APR, points or credit and payment for each.
Snapshot pricing unavailable
No current pricing snapshot — we never show sample rate figures.
Sample scenario: Florida primary residence, 30-year fixed FHA. Pricing is refreshed once every business day and can change between refreshes.
Loading the most recent FHA pricing snapshot…
Snapshot pricing is an example for the sample scenario described above. It is not a quote, an application, a pre-approval, a rate lock, an offer of credit or a commitment to lend, and it is not personalized to you.
APR is supplied by our pricing provider for the exact scenario priced. Other lender or third-party charges listed separately may not be reflected, and the final APR can change. Your final mortgage disclosures control.
A lender credit reduces eligible closing costs only. It cannot exceed those costs and is never cash back to the borrower.
Get my own FHA pricing
The three cards above are examples from the latest daily snapshot. Enter your own purchase price, down payment, credit score and location to see every eligible FHA option for your scenario, priced right now.
FHA Loan Programs
Every FHA program. One lender.
The FHA insures five core mortgage programs through HUD. We originate all of them in-house — from the standard 203(b) purchase loan to the 203(k) renovation, Streamline refinance, Cash-Out refinance, and HECM reverse mortgage for borrowers 62+.
FHA loans exist because conventional mortgages don't. The Federal Housing Administration insures lenders against loss — so we can approve borrowers with lower credit, smaller down payments, and tighter budgets at rates the rest of the market can't match.
Lower down payment
3.5% with a 580 FICO. 10% with a 500–579 FICO. Down payment can be 100% gifted from family.
Flexible credit rules
Past bankruptcy or foreclosure? You can re-qualify in as little as 1–3 years with re-established credit.
Assumable mortgage
When you sell, a qualified buyer can take over your existing FHA rate. That's a major advantage when rates rise.
FHA Calculators
Run your real numbers before you apply.
Seven calculators built on published HUD formulas and the 2026 county limits — not generic mortgage math. Every input updates instantly, and nothing is gated behind a form.
Down payment assistance can be structured four different ways, and the right one depends on your credit, your income, and how long you plan to stay. Here is how each works — including the version that is a true grant you never repay.
Repayable second — 10-year term
A second mortgage that funds your down payment and closing costs, repaid alongside your first mortgage over 10 years.
Amounts
2.5%, 3.5%, or 5% of the lesser of purchase price or appraised value
Repayment
Monthly payments for 10 years at your first-mortgage rate plus 2%.
Min. FICO
580
Income cap
None
Repayable second — 15-year term
The same idea stretched over 15 years, which lowers the monthly cost of the assistance and allows a temporary rate buydown.
Amounts
3.5% (standard or high balance) or 5% (standard limits, FHA only)
Repayment
Monthly payments for 15 years at your first-mortgage rate plus 2%.
Min. FICO
640
Income cap
None
Forgivable second — 0%, no payment
A silent second mortgage with no interest and no monthly payment, forgiven entirely once you have made your first-mortgage payments on time.
Amounts
3.5% of the lesser of purchase price or appraised value
Repayment
No monthly payment and 0% interest. Forgiven at your request after 36 or 60 consecutive on-time first-mortgage payments, depending on the program.
Min. FICO
640
Income cap
Qualifying income at or below 160% of the area or state median income
Grant — never repaid
A true grant toward down payment and closing costs. There is no second lien and no repayment.
Amounts
2% or 3.5% on FHA
Repayment
None. There is no lien and nothing to pay back, unless the loan is paid off within the first six months of payments.
Min. FICO
640
Income cap
At or below 160% of the state or county median income, regardless of family size
FHA loan limits are set county-by-county by HUD. We track every limit and update them annually. Pick a featured state below, or see the full directory.
The rules nobody explains until you're already under contract.
Appraisal repairs, condo approval, gift-fund paperwork, self-employed income, waiting periods after a bankruptcy — each guide walks one topic all the way to the HUD handbook rule behind it.
The most common questions about FHA loans — answered with HUD-sourced facts.
What is an FHA loan?+
An FHA loan is a mortgage insured by the Federal Housing Administration. The FHA does not lend money — it insures loans made by FHA-approved lenders. This insurance lets lenders offer lower down payments (as little as 3.5%) and more flexible credit requirements than conventional mortgages.
What credit score do I need for an FHA loan in 2026?+
FHA's official minimum is 500 with 10% down, or 580 with 3.5% down. In practice, most lenders require a 580 FICO at minimum, and many require 620. Simply Approved Mortgages can work with scores as low as 580 with strong compensating factors.
How much down payment do I need for an FHA loan?+
3.5% of the purchase price with a FICO of 580 or higher. 10% down if your FICO is between 500 and 579. The full down payment can come from a gift, a grant, or a down payment assistance program.
What are the 2026 FHA loan limits?+
The 2026 FHA loan limit for a one-unit home ranges from $541,287 (low-cost counties) to $1,249,125 (high-cost counties). Hawaii, Alaska, Guam, and the U.S. Virgin Islands have a special exception ceiling of $1,873,625. Multi-unit limits are higher.
Do FHA loans have mortgage insurance?+
Yes. There's a 1.75% upfront MIP (financed into the loan) plus an annual MIP that's paid monthly. On a loan with less than 10% down, MIP lasts the life of the loan. To remove it, you refinance into a conventional loan once you have 20% equity.
Can I use an FHA loan for an investment property?+
No — FHA loans are for owner-occupied primary residences only. However, you can use an FHA loan for a 2-to-4-unit property as long as you live in one of the units. This is one of the most common ways to get started in real estate investing.
What is the maximum debt-to-income ratio for an FHA loan?+
FHA's standard cap is 43% DTI. With compensating factors — strong credit, cash reserves, larger down payment — borrowers can sometimes go up to 50% or 57% DTI with manual underwriting.
Can I get an FHA loan after a bankruptcy or foreclosure?+
Yes. The waiting periods are: 2 years after a Chapter 7 discharge, 1 year into a Chapter 13 (with court approval and on-time payments), 3 years after a foreclosure, and 3 years after a short sale. Re-established credit is required.
The path from first call to keys on a 2026 FHA purchase.
1
Get pre-approved
Credit, income and asset review, and a pre-approval letter once the lender completes its review.
2
Check your county limit
Confirm the 2026 FHA maximum in the county you're shopping so your offer stays financeable.
3
Line up your down payment
Use savings, a family gift, or the FHA DPA second lien for 2.5%, 3.5%, or 5%.
4
Go under contract
Negotiate up to 6% in seller-paid closing costs while you're writing the offer.
5
Appraisal and underwriting
An FHA appraiser confirms value and minimum property standards while underwriting verifies your file.
6
Close
Sign, fund, and get the keys — most FHA purchases close in 21–30 days.
Documents you need for an FHA loan
Ordered by when you'll actually need each item — nothing here is required before you call us.
What we need on day one
Photo ID and Social Security number so a credit report can be reviewed with your permission
Your best estimate of gross monthly income and monthly debt payments
How much you have saved, and whether any of it is a family gift
Before the pre-approval letter goes out
30 days of pay stubs covering your current job
W-2s for the last two years
Two months of statements for the account holding your down payment
Once you're under contract
Signed purchase contract with all addenda
Homeowner's insurance quote for that specific address
Earnest money check copy and the cleared bank entry
Only if it applies to you
FHA DPA approval if you're using down payment assistance
Divorce decree, child support order, or bankruptcy discharge papers
Work authorization or permanent resident card for non-citizen borrowers
Quick answers
What credit score do I need for an FHA loan?
HUD allows 580 for 3.5% down and 500 with 10% down; most lenders, including us, work from 580 and can review 560s case by case.
How much money do I need to buy a home with FHA?
Plan on 3.5% down plus 2–5% closing costs — or close to $0 out of pocket when you combine seller concessions with the FHA DPA program.
Can I get an FHA loan after bankruptcy?
Yes. Chapter 7 needs two years since discharge and Chapter 13 can close after 12 months of on-time plan payments with court approval.
How fast can I get pre-approved?
Timing depends on your documents and the lender. A credit, income and asset review is enough to work toward a pre-approval letter you can shop with.
Where is Simply Approved Mortgages licensed?
Simply Approved Mortgages LLC (NMLS #2620881) is licensed for residential mortgage brokering in Florida and Colorado. Pages covering other states are educational reference only.
Is Simply Approved a lender or the FHA?
Neither. We are an independent mortgage broker. FHA is a HUD insurance program, and the lender we place your file with makes the credit decision.
Can I use an FHA loan more than once?
Yes. FHA has no once-per-lifetime rule, though you generally may hold only one FHA loan at a time except in HUD-defined situations.
Does an FHA loan work for a duplex or fourplex?
Yes, on 2–4 unit properties where you occupy one unit as your principal residence; three- and four-unit purchases add a reserve requirement.
What debt-to-income ratio does FHA allow?
Automated approvals commonly reach the mid-50s on the back-end ratio with compensating factors; manual underwriting applies stricter tiered caps.
How much are FHA closing costs?
Typically 2–5% of the price depending on state, title practice, and prepaid escrows — separate from the down payment, and often negotiable with the seller.
Are FHA interest rates the same everywhere?
No. Rates vary by lender, credit profile, loan size, and daily market pricing. We do not publish rate offers on this site.
What is the first step?
Confirm the property state, review the county loan limit, and gather income and asset documents. From there a lender can review the file for pre-approval.
Included with your FHA estimate
Get your FHA Pre-Approval Summary.
Complete the short form and we send back a full FHA breakdown: your county loan limit, the minimum FHA down payment, financed upfront MIP, monthly mortgage insurance, and an estimated payment — plus whether down payment assistance can cover your cash to close.
Maximum FHA loan amount for your county
Minimum FHA down payment and cash-to-close estimate
Upfront and annual MIP included
Estimated monthly payment with taxes and insurance
Takes about 3 minutes · No obligation · Summary emailed and shown on screen
Illustration only, generated from the information you enter. Not a Loan Estimate, pre-qualification, commitment to lend, or approval. Subject to appraisal, credit and income review, FHA guidelines, and final lender approval. Equal Housing Opportunity.
FHA Estimate Summary
Purchase price
$385,000
Down payment (3.5%)
$13,475
Base loan amount
$371,525
Financed UFMIP (1.75%)
$6,502
Est. monthly payment
Shown in your summary
Sample figures for illustration only — not a quote, rate lock, offer of credit or commitment to lend. Simply Approved Mortgages · NMLS #2620881 · Equal Housing Opportunity
Weighing it up
Pros and cons of an FHA loan
The trade-offs below are specific to an FHA loan. Reviewed August 23, 2026 against HUD Handbook 4000.1 and the current HUD county loan limit file.
What works in your favor
3.5% down with a 580 FICO, and 100% of that down payment may be gifted.
Sellers may contribute up to 6% of the sale price toward closing costs and prepaids.
No income limits, unlike most conventional low-down-payment programs.
Higher debt-to-income ratios are possible with documented compensating factors.
Assumable by a qualified buyer, which can matter when rates are higher later.
What to plan around
Annual mortgage insurance stays for the life of the loan at 3.5% down.
Upfront MIP of 1.75% is added to the loan or paid at closing.
The county loan limit caps the loan amount, so higher-priced homes need more cash.
HUD minimum property standards apply, so some homes need repairs or a 203(k).
Worked example
A 3.5%-down FHA purchase, start to finish
On a $425,000 purchase, this is the structure an FHA file actually produces before taxes, insurance and lender pricing are added.
A 3.5%-down FHA purchase, start to finish
Purchase price
$425,000
FHA down payment at 3.5%
$14,875
Base loan amount
$410,125
Upfront MIP at 1.75%, financed
$7,177
Total FHA loan amount
$417,302
Conventional 20% down for comparison
$85,000
Illustration only — not a quote, rate lock, offer or commitment to lend. All loans are subject to lender underwriting and approval.
Income documentation
Self-employed vs. W-2 employed: what it means for your FHA loan
How you are paid decides which documents open your file — and it is the single most common reason a pre-approval stalls. FHA does not apply a different credit score, down payment or county limit to self-employed borrowers — it applies a different documentation standard.
FHA documentation differences between W-2 employed and self-employed borrowers
Item
W-2 employed
Self-employed
History required
Two-year employment history, with gaps explained. A job change inside the same field is usually fine.
Generally two years of self-employment. A shorter history can sometimes be considered when there is documented prior experience in the same line of work.
How income is calculated
Base pay from pay stubs and W-2s. Bonus, overtime and commission generally need a two-year history to be averaged in.
Net income from tax returns, averaged and adjusted for allowable add-backs such as depreciation. Write-offs that reduce taxable income also reduce qualifying income.
Documents that open the file
30 days of pay stubs, two years of W-2s, and a verification of employment.
Two years of personal and business returns, year-to-date P&L and balance sheet, and evidence the business is still operating.
Verification at closing
The employer is re-verified shortly before closing; do not change jobs mid-process without telling your loan officer.
Continued existence of the business is re-verified close to closing, typically through a third-party or licensing check.
Most common delay
Unexplained gaps, a new job with variable pay, or a VOE the employer never returns.
A declining year over year, or a large deduction that removes the very income needed to qualify.
What we suggest
Get the VOE moving on day one — it is the item most often outstanding at the end.
Have your accountant produce the year-to-date P&L before you shop, so qualifying income is known before you write an offer.
If you are W-2 employed
Pay stubs covering the most recent 30 days
W-2 forms for the last two years
A verification of employment; HUD Handbook 4000.1 Update 18 tightened the written and electronic VOE rules, so expect the employer record to be verified directly
Documentation of bonus, overtime or commission income if you want it counted
If you are self-employed
Two years of personal federal tax returns, all schedules
Two years of business returns for a partnership, S-corp or C-corp, plus K-1s
A year-to-date profit and loss statement and balance sheet
Business license, CPA letter or equivalent evidence the business is active
General FHA documentation guidance per HUD Handbook 4000.1, including Update 18 changes to written and electronic verification of employment. Requirements vary by borrower, property, lender and program, and all loans are subject to lender underwriting and approval. Sources: HUD Handbook 4000.1
Run the numbers for your county
FHA payment, affordability, closing cost and refinance calculators for the United States
Prefilled with the 2026 HUD reference median of $415,000 for the United States, a 0.90% effective property tax rate and a directional $2,300 annual homeowners premium. Change any input — the interest rate is your own assumption, not an offer.
Figures are illustrations based on the values you entered — not an offer, rate lock, or commitment to lend. Emailing your scenario sends it to a licensed loan officer in Florida or Colorado.
Estimates for general educational purposes only. Interest rates shown are assumptions you enter, not quoted rates, and nothing here is a rate lock, APR, payment quote, pre-approval, offer or commitment to lend. Results exclude HOA dues, flood or wind policies, mortgage insurance changes, points and lender-specific fees. FHA upfront MIP of 1.75% and annual MIP of 0.55% follow HUD Mortgagee Letter 2023-05 for a 30-year term at 3.5% down. Property tax and insurance inputs are directional state references, not a parcel-level bill. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state. All loans are subject to lender underwriting and approval. Equal Housing Opportunity. Sources: HUD Mortgagee Letter 2023-05 (MIP) · HUD Mortgagee Letter 2025-23 (2026 loan limits) · U.S. Census Bureau ACS · NAIC homeowners insurance · CFPB Closing Disclosure
Taxes, insurance and local expenses
What owning actually costs in the United States
Mortgage pricing moves the payment a little. Property tax and insurance move it a lot, and they are entirely local. These figures are built from the 2026 HUD county dataset for the United States and national tax and settlement conventions, reviewed August 23, 2026.
Estimated ownership costs in the United States on a $415,000 home
Cost
Estimate
How it works here
Property tax
$311 / mo
About 0.90% effective on $415,000 — roughly $3,735 a year. Millage is set locally, so verify the parcel's actual bill.
Homeowners insurance
$192 / mo
Directional $2,300 a year for a single-family owner policy in the U.S.. Wind, hail and flood may be separate policies.
FHA annual mortgage insurance
$184 / mo
0.55% of the $400,475 base loan at 3.5% down, 30-year term, per HUD Mortgagee Letter 2023-05.
FHA upfront MIP
$7,008
1.75% of the base loan, normally financed into the $407,483 total loan amount rather than paid in cash.
State transfer / documentary tax
Varies
Transfer, deed, recordation and mortgage taxes are set state by state — several states charge none at all.
Settlement convention
Title/escrow state
A title or escrow company customarily conducts the closing and issues the policy.
The expense buyers here miss most
Property tax and homeowners insurance vary far more between two states than mortgage pricing does — always re-price the escrow on the exact county before you write an offer.
How this affects the FHA file
Taxes and insurance are part of the qualifying payment, so a $503 escrow in your county consumes debt-to-income capacity before a single dollar of principal and interest is counted. Underwriting uses the post-closing figures, not the seller's current bill.
Estimates for general education only — not a quote, rate, APR, pre-approval, offer or commitment to lend. Property tax rates are effective rates derived from U.S. Census Bureau ACS data; actual millage is set by county, city, school and special districts. Insurance figures are directional annual premiums, not quotes. Transfer, deed, recordation and mortgage taxes summarise state-level statutes; counties and municipalities frequently add their own. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Sources: U.S. Census Bureau — ACS property tax data · NAIC Homeowners Insurance Report · CFPB — understanding closing costs
Equity strategy
Cash-out, HELOC, debt consolidation and investment equity in the United States
Four different ways to use the same equity, worked against a $415,000 value with about $257,300 owed. Each one solves a different problem, and each one has a real cost. Figures are equity arithmetic under HUD Handbook 4000.1 loan-to-value limits, not quotes.
Cash-out refinance
On a $415,000 home in the United States with roughly $257,300 owed, FHA caps a cash-out refinance at 80% of appraised value — about $332,000. That leaves roughly $74,700 gross, or near $64,325 after typical costs, from $157,700 of equity.
Why it can work
One first lien, one payment, one servicer.
FHA cash-out has no seasoning penalty beyond the required 12 months of on-time payments and 12 months of occupancy.
Proceeds are loan funds, not income, so they are generally not taxed as income.
What it costs you
You are re-starting amortization on the entire balance, not just the cash you take.
FHA cash-out keeps annual mortgage insurance for the life of the loan at above-90% LTV, and 11 years at or below 90%.
If your existing first lien is priced better than today's market, you give that up to access the equity.
HELOC or second lien instead
Lenders commonly write a second lien to about 85% combined LTV — near $95,450 available here without disturbing the first mortgage. It is the right tool when the existing first lien is worth keeping.
Why it can work
Leaves a good first mortgage completely untouched.
You draw only what you use, so you are not carrying interest on money sitting idle.
Closing costs are usually far lower than a full first-lien refinance.
What it costs you
Most HELOCs carry a variable rate, so the payment can rise while the balance stays the same.
Draw periods end, and the repayment period that follows raises the payment sharply.
A second lien still secures your home — the risk profile is the same as the first.
Consolidating higher-cost debt
Moving unsecured balances into the $74,700 of accessible equity in your county typically lowers the monthly outflow, because a 30-year amortization stretches a payment that a card or auto note compresses into a few years.
Why it can work
Frees monthly cash flow, which can also improve qualifying debt-to-income for a later move.
Consolidates several due dates into one predictable escrowed payment.
Removes revolving balances that were re-pricing at the issuer's discretion.
What it costs you
You convert unsecured debt into debt secured by your home — a missed payment now risks the house.
Stretching a 3-year balance over 30 years can raise the total dollars paid even when the monthly figure falls.
It fixes the symptom, not the spending. Re-running the cards afterwards leaves you with both debts.
Mortgage interest deductibility depends on how the funds are used — confirm with your tax advisor, not your lender.
Using equity toward an investment property
The roughly $64,325 net available here can serve as the down payment on a rental. FHA financing itself requires owner occupancy, so the new property would be financed conventionally or as a business-purpose loan, not with FHA.
Why it can work
Converts idle equity in one property into a second income-producing asset.
Rental income may later help qualify, once it has the documented history the lender requires.
Diversifies your position across two properties instead of one.
What it costs you
You are now carrying two mortgages against one income if the unit sits vacant.
Investment-property financing requires larger down payments and stricter reserves than FHA.
FHA occupancy rules apply to your existing loan — the home you refinanced must remain your primary residence.
Local landlord licensing, insurance and tax treatment differ from owner-occupied ownership.
Illustrative equity calculations for general education only — not a quote, rate, APR, payment, pre-approval, offer or commitment to lend, and not tax or legal advice. Values assume the stated appraised value and balance; your equity, loan-to-value and available proceeds will differ. FHA cash-out refinances are limited to 80% loan-to-value and require owner occupancy per HUD Handbook 4000.1. HELOCs and second liens are separate products with their own terms and are commonly variable-rate. Consolidating unsecured debt into a mortgage secures that debt against your home. Consult a tax advisor regarding deductibility. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Simply Approved Mortgages Expert Insight
Lender commentary · Last reviewed August 23, 2026
Start with the pre-approval, not the property
In our files, the borrowers who close with the fewest delays are the ones who let us verify income, assets, and credit before they tour a single home. An FHA pre-approval backed by real documentation turns a 3.5%-down offer into one a listing agent takes seriously, and it surfaces fixable credit or documentation issues while there is still time to fix them.
Our recommendation
Get the FHA pre-approval issued first, then shop inside that number.
Ask SAM anything about FHA loans in the United States
SAM is the Simply Approved Mortgages AI assistant, grounded in HUD Handbook 4000.1 and the 2026 HUD county limit file. It answers general FHA questions instantly. A licensed loan officer reviews every scenario before any terms are confirmed.
Hi — I'm SAM. Ask me about FHA loan limits, credit, mortgage insurance, down payment assistance or what an underwriter will need from you. General education only: I don't quote rates, and nothing I say is an offer or commitment to lend.
Ask Simply AI provides general educational information about FHA loan programs. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Where to go next
Continue with the FHA topic that matches where you are, or talk to a licensed loan officer about your own numbers.
Short on cash to close? Ask about the FHA DPA, offered through Simply Approved Mortgages: 2.5%, 3.5%, or 5% of your loan amount toward your down payment and closing costs, structured as a 10-year repayable second lien at your first-mortgage rate + 2%. FICO 580+, primary residence only — it's an option on every loan program on this site.
How it works
Three tiers. Real money toward your home.
2.5% / 3.5% / 5% of the lesser of purchase price or appraised value
Pairs with FHA, Conventional, VA, and USDA first mortgages
10-year repayable second lien — no silent forgivable strings
Not available in: New York, Washington, U.S. Virgin Islands, Guam, Northern Mariana Islands, and American Samoa. All loans subject to underwriting approval and program guidelines.
Amount calculator & eligibility checker
See how much assistance you may qualify for
Enter a purchase price, pick an assistance tier, and confirm property and residency. Results are illustrative — not a quote or commitment.
Simply Approved Mortgages DPA
DPA amount calculator & eligibility checker
Estimate 3.5% assistance on the lesser of price or appraisal, layered over a 30-year fixed FHA first mortgage.
Estimated DPA
$14,000
3.5% of $400,000
2nd-lien P&I
$174
10-yr · 8.500%
Amount calculator
Lesser of price or appraisal
$400,000
DPA at 3.5%
$14,000
2nd-lien term
10-year fixed, repayable
2nd-lien rate
8.500%
Monthly P&I
$174/mo
Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear only on your Loan Estimate and Closing Disclosure.
Eligibility checker
Documentable qualifying income?
Willing to complete homebuyer education before closing?
Property in NY, WA, USVI, Guam, MP, or AS?
Answer each question above to see your preliminary result.
Figures are illustrations based on the values you entered — not an offer, rate lock, or commitment to lend. Emailing your scenario sends it to a licensed loan officer in Florida or Colorado.
Preliminary self-check only — no credit pulled. Not a quote, lock, offer, or commitment to lend. Simply Approved Mortgages is not affiliated with HUD, FHA, VA, USDA, FHFA, or any government agency. Equal Housing Opportunity. NMLS# 2620881.
Our pricing philosophy
Transparency. Simplicity. Consumer Choice.
At Simply Approved Mortgages, we believe borrowers deserve clear information, professional guidance, and access to competitive mortgage solutions.
Our company is built around a straightforward philosophy: provide transparent mortgage guidance, maintain a consistent compensation structure on most transactions, and help borrowers make informed financing decisions based on their individual needs and goals.
For many mortgage transactions, Simply Approved Mortgages typically operates using a lender-paid compensation structure of approximately 1.50%. Actual compensation may vary based on lender requirements, loan program, state regulations, loan amount, and other transaction-specific factors.
We believe transparency helps consumers better understand the mortgage process and make informed decisions when comparing financing options.
Our promise
Mortgage financing should be understandable, transparent, and focused on helping consumers make informed decisions.
Our goal isn't to maximize compensation per transaction. Our goal is to build lifelong client relationships through transparency, service, and competitive mortgage solutions.
Why compensation transparency matters
Understanding all aspects of the financing process
Many borrowers spend significant time comparing interest rates, but may be less familiar with how mortgage companies and loan originators are compensated.
Compensation structures can vary among lenders, mortgage brokers, banks, credit unions, and other mortgage providers. Compensation is only one component of a mortgage transaction and should be evaluated alongside interest rates, APR, lender fees, discount points, closing costs, loan features, and overall loan suitability.
At Simply Approved Mortgages, we believe consumers benefit from understanding all aspects of the financing process before making a decision.
Interactive illustration
See how compensation scales by loan amount
Move the slider to compare a hypothetical 1.50% Simply Approved Mortgages compensation structure with a hypothetical 2.75% used by some other lending options. For educational purposes only.
$400,000
$50,000$2,000,000
Typical market comp at 2.75%$11,000
Simply Approved Mortgages at 1.50%$6,000
Potential closing cost difference
Hypothetical impact on lender compensation only
~$5,000
For illustration only. Figures are hypothetical and not a quote, offer, rate lock, or guarantee of savings. Lender compensation is one component of closing costs; actual loan terms, interest rates, fees, APR, and total costs vary by program, loan amount, credit qualifications, property, occupancy, state, and market conditions.
Illustrative compensation comparison
Comparing a hypothetical 1.50% to a hypothetical 2.75%
The example below compares a hypothetical 1.50% compensation structure used by Simply Approved Mortgages to a hypothetical 2.75% structure used by some other lending options, solely for educational purposes.
Loan Amount
Simply Approved Mortgages (1.50%)
Other lending options (2.75%)
Difference
$250,000
$3,750
$6,875
$3,125
$350,000
$5,250
$9,625
$4,375
$500,000
$7,500
$13,750
$6,250
$750,000
$11,250
$20,625
$9,375
$1,000,000
$15,000
$27,500
$12,500
These examples are illustrative only and are intended to demonstrate how different compensation percentages may produce different compensation amounts based on loan size.
These examples do not represent borrower fees, interest rates, APR, closing costs, loan terms, pricing, or savings, and should not be interpreted as a guarantee that any borrower will receive lower costs or better loan terms.
Our commitment to borrowers
Our goal is to provide
Professional mortgage guidance
Transparent communication throughout the loan process
Access to a broad range of mortgage programs
Competitive financing options based on borrower qualifications
A streamlined application and approval experience
Support for homebuyers, homeowners, and real estate investors
A team-focused approach
Support for every type of borrower
Whether you're purchasing a home, refinancing an existing mortgage, consolidating debt, or financing an investment property, our team is committed to helping you evaluate available options and make informed decisions.
Compare more than just the interest rate
When evaluating mortgage options, borrowers should consider the complete financing package
•Interest Rate
•Annual Percentage Rate (APR)
•Lender Fees
•Discount Points
•Closing Costs
•Loan Features and Flexibility
•Prepayment Terms
•Product Eligibility Requirements
•Customer Service and Support
The most appropriate mortgage solution depends on each borrower's individual financial circumstances, objectives, qualifications, and preferences.
Important Disclosure: Simply Approved Mortgages LLC typically utilizes a lender-paid compensation structure of approximately 1.50% on many mortgage transactions; however, compensation may vary based on lender requirements, loan program, state law, loan amount, borrower qualifications, and other transaction-specific factors. Compensation is only one component of mortgage pricing and does not, by itself, determine interest rates, APR, lender fees, closing costs, loan terms, or overall borrower costs. The information provided on this page is for general educational and informational purposes only and should not be construed as mortgage advice, a commitment to lend, an offer to extend credit, a rate quote, a loan approval, or a guarantee of savings. All mortgage loans are subject to credit approval, underwriting requirements, property approval, and program eligibility guidelines. Borrowers should carefully review all disclosures, including the Loan Estimate and Closing Disclosure, before proceeding with any mortgage transaction. Simply Approved Mortgages LLC • NMLS #2620881 • Equal Housing Opportunity.
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Simply Approved Mortgages • NMLS #2620881 • Licensed in Colorado and Florida
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Credit & pre-approval
Why we pull credit for your FHA pre-approval
Every FHA file needs a tri-merge credit report so we can verify your identity, confirm your FICO tier against FHA's 580 / 500 thresholds, and price your rate and mortgage insurance accurately. Cleaner credit typically unlocks a better rate and a stronger pre-approval letter.
Pay for your credit report — SmartPay
Simply Approved Mortgages uses SmartPay to securely collect the credit report fee for your FHA pre-approval. Payment goes directly to the credit vendor — not to us — and unlocks your tri-merge report (Equifax, Experian, TransUnion) so your loan officer can price your file.
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Required for a formal FHA pre-approval decision
Guided process — your loan officer walks you through each step
You'll be redirected to our secure SmartPay checkout.
Check your credit first — $1 trial at MyITINCredit
Before you apply, it's smart to know exactly where your credit stands. MyITINCredit offers a $1 trial for 15 days that includes all three credit reports and scores, plus ongoing monitoring so you can catch errors, dispute inaccuracies, and watch for identity theft.
See all 3 bureau reports & scores before your lender does
Ongoing monitoring alerts you to new accounts or score changes
Fix errors early — a higher FICO can lower your FHA rate
You'll be redirected to myitincredit.com. Third-party service — terms apply.
Credit report fees are paid directly to the credit vendor. Simply Approved Mortgages does not profit from the credit pull. MyITINCredit is an independent third-party service; pricing, terms, and features are set by that provider.
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