FHA Cash-Out Refinance: 80% LTV Rules and Requirements
Tap your home equity with an FHA refinance — up to 80% LTV
Short answer: you can pull cash out up to 80% of your home's appraised value, you do not need an existing FHA loan, and you need 12 months of ownership, occupancy, and on-time payments.
The FHA Cash-Out Refinance lets you replace your current mortgage (FHA, conventional, VA, or USDA) with a new FHA loan that's larger than what you owe, taking the difference in cash. Maximum loan-to-value is 80% of the appraised value. Use the cash for renovations, debt consolidation, education, or any other purpose.
Talk to us about FHA Cash-Out
Send your details and a licensed loan officer reviews your scenario. Florida and Colorado only.
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Your info
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Loan details
Quick answer
How much cash can you take out with an FHA refinance?
An FHA cash-out refinance lets you replace your current mortgage and take equity as cash, capped at 80% of the appraised value. It requires a full appraisal, full income and credit documentation, 12 months of on-time payments, and 12 months of occupancy as your primary residence. Upfront and annual MIP apply to the new loan.
What this means for your mortgage
You can borrow up to 80% of your home's appraised value, so the equity above that 20% cushion is what is actually available to you.
Reviewed by the licensed mortgage team at Simply Approved Mortgages · Last verified August 23, 2026 against HUD Handbook 4000.1
The property must have been your primary residence for the past 12 months
Twelve months of on-time mortgage payments are required
Full appraisal, income and credit documentation apply
The existing loan does not have to be FHA-insured
New upfront MIP of 1.75% and annual MIP apply to the refinanced balance
FHA Loan Rates for FHA Cash-Out
Everything on this page about FHA Cash-Out 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.
What is an FHA Cash-Out loan?
An FHA cash-out refinance replaces your current mortgage with a larger FHA loan and gives you the difference in cash. HUD caps cash-out at 80% of the appraised value, so you need meaningful equity before the math works — but the credit and debt-to-income requirements are more forgiving than they are on most conventional cash-out programs.
You do not need an existing FHA loan to use it. Conventional, VA, and free-and-clear homeowners can all refinance into an FHA cash-out, which is why it is often the option of last resort for borrowers whose credit no longer fits conventional guidelines.
Expect a full appraisal, full income and asset documentation, and a 12-month payment history on the property. Since the new loan carries both upfront and annual MIP, compare the blended cost against a HELOC or second mortgage before committing.
FHA Cash-Out key features and benefits
Borrow up to 80% of your home's appraised value
Cash out any amount above what you owe + closing costs
Available even if your current loan isn't FHA
Fixed- or adjustable-rate options
Owner-occupied 1-to-4 unit homes
Is an FHA cash-out refinance the right choice for you?
Choose FHA Cash-Out if…
You have at least 20% equity and need a meaningful lump sum
Your credit no longer fits conventional cash-out guidelines
You are consolidating high-rate credit card or personal loan debt
You need a fixed rate rather than a variable HELOC payment
Look at another option if…
You only need a small amount — a HELOC usually costs less
You already have a low FHA rate you would have to give up
The property is a rental or second home
You have owned or refinanced the home for less than 12 months
Cash-out is a full-documentation refinance. Expect the same package as a purchase, plus proof of your payment history on the property.
Identity & residency
Government-issued photo ID for every borrower
Social Security number or ITIN documentation
Two-year residence history with addresses
Income
Last 30 days of pay stubs
W-2s for the past two years
Two years of federal tax returns (all schedules) if self-employed, commissioned, or 25%+ owner
Year-to-date profit & loss for self-employed borrowers
Award letters for Social Security, pension, disability, or child support income
Assets
Two months of full bank statements (all pages)
Most recent retirement or brokerage statement if using those funds
Gift letter plus donor's proof of funds and the transfer trail
Property & credit
Current mortgage statement and 12-month payment history
Homeowners insurance declarations page and property tax bill
HOA statement and master insurance if applicable
Authorization for a tri-merge credit report
Letters of explanation for credit events
Cash-out specific
Statement of purpose for the cash if paying off debt
Payoff statements for any debts being cleared at closing
Proof of 12 months' occupancy as your primary residence
Who an FHA Cash-Out loan is best for
Homeowners with at least 20% equity who want to consolidate debt, fund a renovation, or pull cash at FHA-competitive rates.
FHA Cash-Out requirements in 2026
FICO 580+ (most lenders require 620+ for cash-out)
Maximum 80% LTV
12 months of on-time mortgage payments
Property owned and occupied for at least 12 months
Full appraisal required
Debt-to-income under 43% (with some flexibility)
FHA Cash-Out pros and cons
What we like
Tap equity at FHA rates
Easier credit qualification than conventional cash-out
Consolidate high-interest debt at a much lower rate
Use cash for any legal purpose
Trade-offs to know
Adds upfront MIP (1.75%) plus monthly MIP
Resets your mortgage clock
Lower LTV cap than a HELOC for some borrowers
Full appraisal and documentation
FHA cash-out refinance requirements
1
Confirm equity
Maximum loan is 80% of the appraised value, including the financed upfront MIP calculation.
2
Occupancy and seasoning
The property must be your primary residence and you must have owned and occupied it for at least 12 months.
3
Payment history
All mortgage payments on the subject property must have been made within the month due for the previous 12 months.
4
Full documentation underwrite
Income, employment, assets, and credit are fully verified, with an FHA appraisal establishing value.
5
Structure the cash
Proceeds can pay debt, fund renovations, or stay liquid; paying off revolving debt often improves the qualifying ratios.
Cash-out math on a $500,000 home
Illustrative only; the exact maximum depends on the appraisal and how UFMIP is financed.
Appraised value
$500,000
Maximum loan (80% LTV)
$400,000
Existing mortgage payoff
$300,000
Estimated closing costs
$8,000
Cash to borrower
≈$92,000
Upfront MIP (1.75%)
$7,000
Financed above the 80% base
How an FHA Cash-Out loan helps real borrowers
Illustrative examples built from published FHA rules to show how the math works. They are not customer stories, rate quotes, or guarantees — your numbers depend on credit, county limits, and pricing at the time you lock.
Consolidating high-rate debt using home equity
The situation: A homeowner with a $420,000 home and a $250,000 mortgage is carrying $38,000 in credit cards and a personal loan at rates above 20%.
How the loan helps: FHA allows cash-out to 80% of the appraised value, which is a wider window than many conventional cash-out programs offer at comparable credit scores.
Appraised value
$420,000
80% max loan
$336,000
Existing mortgage payoff
$250,000
Gross cash available
~$86,000 (less costs)
The outcome: Consumer debt is replaced with one secured, amortizing payment — but the balance is now tied to the home, so the trade-off should be reviewed carefully.
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.
Cash-out is not eligible for down payment assistance, but buyers you refer can pair a purchase with the FHA DPA Program to cover their 3.5% down payment.
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
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
Income documentation
Self-employed vs. W-2 employed: what it means for your FHA loan
The program you choose does not change how your income is documented — how you are paid does. 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
Cash-out commentary · Last reviewed August 23, 2026
Weigh the equity cost against the debt being paid
FHA cash-out caps at 80% loan-to-value and resets mortgage insurance on the new balance. It can make sense to retire high-rate debt or fund a real improvement; it rarely makes sense for short-term cash needs once the MIP and closing costs are counted.
Our recommendation
Compare total cost of the cash-out against every other borrowing option.
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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MIP is the FHA's mortgage insurance. There's an upfront piece and an annual piece. Here's the math on what it actually costs.
November 28, 2025 · 8 min read
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