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UpdatedAugust 22, 2026ReviewedAugust 23, 2026Where our FHA figures come from
Person checking their credit score on a tablet at a kitchen counter before applying for an FHA loan
Credit score lookup

What loan programs does your credit score qualify for?

Enter your score and down payment to see which of the six major mortgage programs you meet the published minimums for — FHA, VA, USDA, conventional and jumbo.

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3.5%
Min. down payment
580
Min. FICO score
$1,249,125
2026 high-cost ceiling
Quick answer

What credit score do you need for an FHA loan?

FHA's official minimum credit score is 500 with 10% down and 580 with 3.5% down. Most lenders overlay a 620 minimum; we lend to 580 and review 560–579 files case by case. Scores below 580 need a larger down payment, and a score in the 500s with clean recent payment history usually beats a higher score with recent late payments.

What this means for your mortgage

A 580 score keeps your down payment at 3.5%, so a small score bump before you apply can be worth thousands at closing.

Reviewed by the licensed mortgage team at Simply Approved Mortgages · Last verified August 23, 2026 against HUD Handbook 4000.1

See how score changes your payment
TL;DR

FHA credit score requirements: key takeaways

  • 580 FICO = 3.5% down; 500–579 FICO = 10% down
  • HUD has no maximum DTI penalty for low scores, but pricing improves above 660
  • Lenders use the middle of three bureau scores, or the lower middle for two borrowers
  • Collections under $2,000 total usually don't need to be paid off
  • Twelve months of on-time housing payments is the single strongest factor
  • Medical collections are excluded from most FHA credit evaluations
480820
5/6
Programs matched

FHA 203(b) — standard purchase

Likely eligible

Meets HUD's 580 / 3.5% standard.

Minimum score
500
Minimum down
3.5% at 580+, 10% at 500–579
Mortgage insurance
1.75% upfront + annual MIP

HUD Handbook 4000.1 minimum decision credit score.

FHA 203(k) — renovation

Likely eligible

Meets FHA renovation minimums.

Minimum score
580
Minimum down
3.5%
Mortgage insurance
1.75% upfront + annual MIP

Most lenders require 620+ on Standard 203(k) due to renovation risk.

VA loan

Likely eligible

Within typical VA lender overlays; requires eligible service.

Minimum score
580
Minimum down
0%
Mortgage insurance
None — one-time funding fee

VA sets no score minimum; 580–620 is the common lender overlay.

USDA Rural Development

Likely eligible

Eligible for the GUS automated path in eligible rural areas.

Minimum score
640
Minimum down
0%
Mortgage insurance
1% upfront + 0.35% annual guarantee fee

640 enables the GUS automated approval path; below that requires manual underwriting.

Conventional (Fannie Mae / Freddie Mac)

Likely eligible

Meets agency minimums; pricing improves with a higher score.

Minimum score
620
Minimum down
3% first-time buyer, 5% standard
Mortgage insurance
PMI above 80% LTV, cancellable

Rate and PMI pricing improve sharply at 680, 720 and 760.

Jumbo (non-conforming)

Not yet

Most jumbo investors want 700+ and 10%+ down.

Minimum score
700
Minimum down
10–20%
Mortgage insurance
Varies by investor

Portfolio guidelines; reserves of 6–12 months are typical.

Program minimums reflect published agency guidelines (HUD Handbook 4000.1, VA Lenders Handbook, USDA HB-1-3555, Fannie Mae Selling Guide). Individual lenders may apply stricter overlays. This tool is educational and is not a credit decision, pre-approval, or offer of credit.

See Today's Rates

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.

What each score tier means in practice

Score rangeTierWhat it means for your loan
760+Best available pricingLowest conventional rates and minimum PMI. FHA offers little advantage at this tier unless your debt ratio is high.
720–759StrongConventional is usually cheapest. PMI is roughly half what it costs at 680.
680–719GoodThe genuine crossover zone — run both options. FHA often wins at low down payments.
640–679FairFHA typically beats conventional because PMI and loan-level price adjustments climb steeply here.
580–639RebuildingFHA at 3.5% down is the main path. USDA needs 640 for the automated approval track.
500–579ImpairedFHA with 10% down is the only agency option. Focus on 12 months of clean payment history.

How mortgage credit scoring actually works

Lenders don't use the score you see in your banking app

Mortgage underwriting uses older FICO models pulled from all three bureaus: FICO Score 2 from Experian, FICO Score 5 from Equifax and FICO Score 4 from TransUnion. The lender takes the middle of the three. With two borrowers, the lower of the two middle scores usually governs.

Non-traditional credit

FHA permits manual underwriting using a non-traditional credit history when you have no scoreable file — 12 months of documented rent, utility, insurance, childcare or tuition payments can substitute for tradelines.

Quicker ways to move your score before applying

  • Pay revolving balances below 30% of the limit — and below 10% if you can
  • Don't close old accounts; length of history and total available credit both matter
  • Dispute genuine reporting errors — a single incorrect late payment can cost 40+ points
  • Ask a lender about rapid rescoring, which can update bureau data in days rather than a full cycle
  • Avoid new auto loans or credit cards from application through closing

Not sure where you stand? Check the full FHA requirements or run the affordability calculator to see what your income supports.

Price a real FHA scenario

See live wholesale FHA pricing for your exact scenario — Florida and Colorado primary residences. Provider pricing only, never an estimate. Not a lock, approval or commitment to lend.

Open the FHA pricing tool

Credit score questions

What is the minimum credit score for an FHA loan?

HUD allows a 580 FICO score with a 3.5% down payment, and 500–579 with at least 10% down. Individual lenders may set higher overlays, but Simply Approved Mortgages follows HUD's published minimums.

What credit score do you need for a conventional loan?

Fannie Mae and Freddie Mac generally require a 620 minimum representative score. Pricing and private mortgage insurance costs improve significantly at 680, 720 and 760.

Is there a minimum credit score for a VA loan?

The VA sets no minimum credit score. Lenders set their own, commonly 580 to 620. VA loans require no down payment and no monthly mortgage insurance for eligible veterans and service members.

Can I get a mortgage with no credit score?

Yes. FHA permits manual underwriting with non-traditional credit — 12 months of on-time rent, utilities, insurance or tuition payments — when you have no scoreable credit file.

Ready to see what you qualify for?

Talk with a licensed FHA broker about your scenario. Licensed in Florida and Colorado.

Start My ApprovalCall 877-813-7219

Should you apply now or repair credit first?

This is a good fit if…

  • You're at 580+ with 12 months of clean housing payments
  • Your derogatory items are older than two years
  • You have gift funds or DPA covering the down payment

Consider another path if…

  • You have a collection or late payment in the last 60 days
  • You're 10 points from a pricing tier and can pay down cards
  • Your file has an unresolved federal debt on CAIVRS

Quick answers

Can I get an FHA loan with a 560 credit score?
Sometimes — 560–579 files can work with 10% down and strong compensating factors, and we review them individually.
Which credit score do lenders use?
The middle of your Equifax, Experian, and TransUnion scores from a tri-merge mortgage report, not a free consumer app score.
How long until my score is high enough?
Most borrowers who need 20–40 points get there in 30–60 days by paying revolving balances under 30% and disputing errors.
Which credit score does the lender use?
Lenders pull tri-merge reports and generally use the middle score, and the lowest of all borrowers' middle scores on a joint file.
Do lender overlays raise the 580 minimum?
Frequently. HUD's floor is 500 with 10% down and 580 for 3.5% down, but many lenders require 600–640, which is why comparing lenders matters.
How recent can a late payment be?
Recent housing lates are the most damaging. Underwriters review the last 12–24 months closely and may require explanations.
Does checking my own credit hurt my score?
No. Reviewing your own report is a soft inquiry and does not affect your score.
How long do inquiries matter?
Mortgage inquiries within a short shopping window are typically treated as one event by scoring models; unrelated new credit is more of a concern.
Can I improve a score before applying?
Paying revolving balances down, avoiding new accounts, and correcting reporting errors are the levers that move scores fastest. Results are not guaranteed.
Does credit score affect FHA mortgage insurance?
No. Unlike conventional PMI, FHA annual MIP is not priced by credit score — that is a structural advantage for lower-score borrowers.
What if my spouse has bad credit?
You may be able to apply alone, though the lender then cannot use that spouse's income, and community property states have added considerations.

Sources for this page

Program rules and figures on this page are taken from the primary government sources below, not from third-party summaries.

Simply Approved Mortgages is not affiliated with or endorsed by HUD, FHA, or any government agency.

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
Get my FHA estimate

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 FHA credit requirements

The trade-offs below are specific to FHA credit requirements. 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 is available from a 580 FICO, well below most conventional thresholds.
  • Thin or rebuilt credit can be documented with non-traditional references.
  • Past bankruptcy or foreclosure is workable once the waiting period is satisfied.

What to plan around

  • Between 500 and 579 FICO the minimum down payment rises to 10%.
  • Lender overlays can sit above HUD's published minimum, so the floor is not universal.
  • Recent late mortgage or rent payments weigh heavily regardless of the score itself.
Worked example

What a 20-point score difference does on a $425,000 purchase

The score does not change FHA's down-payment math at 580 and above — it changes lender pricing and overlay exposure.

What a 20-point score difference does on a $425,000 purchase
Purchase price$425,000
Down payment at 580+ FICO (3.5%)$14,875
Down payment at 500–579 FICO (10%)$42,500
Added cash required below 580$27,625

Illustration only. Program minimums are HUD's; individual lenders may require more. Not a quote or commitment to lend.

Document checklist

What documents you need for FHA credit requirements

This is the set an FHA underwriter typically asks for. Having it ready before you write an offer is the single biggest difference between a two-week and a six-week file.

Identity and residency

  • Government-issued photo ID and Social Security number
  • Two-year residence history with landlord contact where you rented

Assets

  • Two months of statements for every account used for down payment or reserves
  • A signed gift letter plus the donor's source of funds for any gifted money
  • Retirement statements when reserves are drawn from those accounts

Property and credit

  • Fully executed purchase contract with all addenda
  • Homeowners insurance quote, plus flood coverage where required
  • Written explanation for credit events, plus bankruptcy or foreclosure paperwork if applicable

Specific to this scenario

  • Written explanation for any collection, charge-off, or recent late payment
  • Discharge paperwork for a prior bankruptcy, or the deed and settlement statement for a prior foreclosure or short sale
Income documentation

Self-employed vs. W-2 employed: what it means for your FHA loan

Credit is only half of the file — how your income is documented determines whether that score ever gets used. 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
ItemW-2 employedSelf-employed
History requiredTwo-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 calculatedBase 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 file30 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 closingThe 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 delayUnexplained 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 suggestGet 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.

$
%

FHA minimum is 3.5% at 580+ credit.

%

Your assumption — not a quoted rate.

yrs
%
$
Estimated total monthly payment
$3,262
Principal & interest
$2,576
FHA annual MIP
$184
Property tax
$311
Homeowners insurance
$192
Down payment
$14,525
Loan amount incl. financed UFMIP
$407,483
See Today's Rates

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
CostEstimateHow it works here
Property tax$311 / moAbout 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 / moDirectional $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 / mo0.55% of the $400,475 base loan at 3.5% down, 30-year term, per HUD Mortgagee Letter 2023-05.
FHA upfront MIP$7,0081.75% of the base loan, normally financed into the $407,483 total loan amount rather than paid in cash.
State transfer / documentary taxVariesTransfer, deed, recordation and mortgage taxes are set state by state — several states charge none at all.
Settlement conventionTitle/escrow stateA 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

Simply Approved Mortgages Expert Insight
Credit commentary · Last reviewed August 23, 2026

Score bands change pricing, not just eligibility

Clearing FHA's 580 threshold makes a file eligible; moving up a band changes the rate. In our pipeline, targeted work — paying revolving balances below 30% of the limit and correcting reporting errors — has moved scores enough to change pricing within a couple of billing cycles. We review the tri-merge before applying so that work happens at the right time.

Our recommendation

Pull your report early — small, correct fixes often move you a full pricing tier.

Simply Approved Mortgages · licensed mortgage broker · NMLS #2620881 · Equal Housing Opportunity
Ask Simply AI

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.

General information only — not advice, a quote, or an offer of credit.

Popular on this page

Talk to a licensed loan officer 877-813-7219

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.

How FHA loans work

What FHA insurance is and who it fits.

FHA requirements

Credit, income, DTI and property rules.

FHA credit score rules

580 vs 500–579 and what they change.

Down payment & assistance

3.5% minimum, gift funds and DPA options.

Mortgage insurance (MIP)

Upfront and annual MIP, and how long it lasts.

FHA loan limits

County-by-county HUD maximums.

FHA closing costs

What you pay and what a seller can cover.

FHA loan programs

203(b), 203(k), streamline, cash-out and more.

FHA calculators

Payment, affordability, MIP and break-even tools.

First-time buyer guide

Step-by-step from budget to closing.

Start My Approval Contact a licensed loan officer Submitting a request is not an application, approval or commitment to lend.
Down Payment Assistance

The FHA DPA Program

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
  • Available to FICO 580+ primary-residence buyers
Full DPA program details
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

Assistance tier
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.

See Today's Rates

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 AmountSimply 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.

Ready when you are

Get pre-qualified in minutes — no obligation.

Talk to a licensed Simply Approved Mortgages loan officer. We'll review your goals, walk through FHA, Conventional, VA, USDA, and DPA options, and give you straight answers — same day.

Start My ApprovalSee Today's Rates

Simply Approved Mortgages • NMLS #2620881 • Licensed in Colorado and Florida

Quick pre-qualification

Share a few details and a licensed loan officer will follow up within one business day. No obligation.

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Simply Approved Mortgages LLC arranges residential mortgage loans in Florida and Colorado only. We ask first so we never collect a mortgage inquiry we are not licensed to act on.

Step 1 of 2 — takes about 30 seconds. Step 2 is optional detail you can skip anytime by calling us.

Simply Approved Mortgages LLC | NMLS #2620881 — a mortgage broker, not a direct lender. Submitting this form is an inquiry only; it is not an application, quote, pre-approval, approval or commitment to lend. All loans are subject to lender underwriting and approval. Equal Housing Opportunity. See our Privacy Notice.

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.

  • Secure, PCI-compliant SmartPay checkout
  • Required for a formal FHA pre-approval decision
  • Guided process — your loan officer walks you through each step
Pay for credit report securely

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
Start $1 / 15-day trial

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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