FHA Streamline Refinance Requirements: No Appraisal in 2026
Refinance your existing FHA loan with no appraisal and minimal paperwork
Short answer: if your current loan is FHA-insured, you are 210 days and six payments in, and the refinance lowers your combined rate and MIP by about 0.5%, you can refinance with no appraisal and, in most cases, no income documentation.
The FHA Streamline Refinance is designed for homeowners who already have an FHA loan and want to lower their rate or monthly payment. It requires no new appraisal, no income verification, and no full credit re-underwrite — provided you've made on-time payments for the last 12 months and the refinance produces a 'net tangible benefit' to you.
Talk to us about FHA Streamline
Send your details and a licensed loan officer reviews your scenario. Florida and Colorado only.
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Loan details
Quick answer
Who qualifies for an FHA Streamline refinance?
An FHA Streamline refinance replaces an existing FHA loan with a new FHA loan using reduced documentation: in most cases no appraisal, no income verification, and no new credit underwriting. It requires a net tangible benefit, at least six payments made on the current loan, and an on-time payment history. Cash back is limited to $500.
What this means for your mortgage
If your current loan is FHA and rates have moved in your favor, a Streamline is usually the fastest and cheapest way to lower the payment.
Reviewed by the licensed mortgage team at Simply Approved Mortgages · Last verified August 23, 2026 against HUD Handbook 4000.1
Only available when the loan being refinanced is already FHA-insured
No appraisal required on the credit-qualifying and non-credit-qualifying paths in most cases
A documented net tangible benefit is mandatory
At least six monthly payments must have been made on the existing FHA loan
Cash to the borrower is capped at $500
A portion of the original upfront MIP may be refunded within the first three years
FHA Loan Rates for FHA Streamline
Everything on this page about FHA Streamline 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 Streamline loan?
The FHA Streamline Refinance lets an existing FHA borrower lower their rate or payment with no new appraisal, no income documentation in most cases, and no full credit re-underwrite. It exists because HUD already insures the loan — the agency's risk goes down when your payment goes down.
The core tests are seasoning and net tangible benefit. You need at least six monthly payments made, 210 days since the first payment due date, a clean recent payment history, and a measurable benefit — typically a 0.5% drop in combined interest rate plus annual MIP, or a move from an ARM to a fixed rate.
Because there is no appraisal, a streamline works even if your home value has fallen or you bought recently with minimum down payment. Closing costs cannot be rolled into a credit-qualifying-free streamline beyond the new loan calculation, so many borrowers take a slightly higher rate in exchange for a lender credit.
FHA Streamline key features and benefits
No appraisal required
No income or employment verification (in most cases)
Closing costs can be rolled into the loan or paid via a 'no-cost' refinance
Must result in a net tangible benefit (lower P&I + MIP, or move from ARM to fixed)
Reduced upfront MIP — only 0.55% (vs 1.75% on a new FHA loan) for loans endorsed before May 31, 2009
Is a streamline refinance the right choice for you?
Choose FHA Streamline if…
Your existing loan is FHA-insured and rates have dropped since you closed
Your home value fell or you have little equity and want to avoid an appraisal
You want out of an adjustable rate and into a fixed payment
Your income is hard to document right now
Look at another option if…
You need cash out — use an FHA cash-out refinance at 80% LTV instead
You have 20%+ equity and a strong score — conventional can drop mortgage insurance entirely
You plan to sell within a year or two and won't recover closing costs
Documents you need for an FHA Streamline Refinance
This is the lightest documentation loan FHA offers. Most borrowers send four items and close in two to three weeks.
Always required
Photo ID for every borrower on the loan
Current FHA mortgage statement showing the balance and case number
Homeowners insurance declarations page
Most recent property tax bill or escrow analysis
Authorization for a mortgage-only credit report
Sometimes required
Pay stubs and W-2s (credit-qualifying streamlines only)
Divorce decree or death certificate when removing a borrower
HOA statement if the property is a condo
Who an FHA Streamline loan is best for
Existing FHA borrowers who want a lower rate without re-qualifying or paying for an appraisal.
FHA Streamline requirements in 2026
Existing loan must be FHA-insured
Current on payments — no 30-day late in the last 6 months, and no more than one in the last 12
At least 210 days since the first payment due date on the current FHA loan
Net tangible benefit (typically a 0.5% reduction in combined rate + MIP)
Primary residence (most cases)
FHA Streamline pros and cons
What we like
Reduced-documentation FHA refinance
No appraisal — refinance even if your home value dropped
Closing in 2–3 weeks
Same low FHA rates
Trade-offs to know
Only available for existing FHA loans
Cannot take cash out
MIP continues
Must show net tangible benefit
FHA Streamline Refinance requirements
1
Confirm the existing loan is FHA-insured
Conventional, VA, and USDA loans are not eligible — those need a different refinance path.
2
Check payment seasoning
At least 210 days since the first payment due date and six payments made on the current FHA loan.
3
Verify payment history
No 30-day late in the last six months and no more than one in the last twelve.
4
Run the net tangible benefit test
The new combined rate plus MIP generally has to drop at least 0.5%, or you must move from an ARM to a fixed rate.
5
Choose credit-qualifying or non-credit-qualifying
Non-credit-qualifying skips income and score requalification. Credit-qualifying is required when removing a borrower or when the payment rises materially.
6
Close in two to three weeks
No appraisal and light documentation make this one of the shortest FHA transactions there is.
What a streamline typically costs
Illustrative only; MIP factors depend on the endorsement date of your existing FHA loan.
Appraisal
$0
Waived on streamline
Upfront MIP
1.75%
0.55% if the original loan was endorsed before May 31, 2009
UFMIP refund
Partial
Prorated credit within the first 36 months
Typical closing costs
$2,500–$5,000
Or absorbed with a lender credit
Typical timeline
14–21 days
How an FHA Streamline 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.
Homeowner who bought when rates were higher
The situation: An owner closed an FHA loan at 7.375% two years ago on a $310,000 balance and wants a lower payment without repeating the full documentation process.
How the loan helps: An FHA Streamline Refinance generally requires no new appraisal, no income documentation, and no new credit underwriting when the payment test is met — so the cost and hassle of refinancing drop sharply.
Current balance
$310,000
Old rate
7.375%
Example new rate
6.250%
Approx. monthly P&I savings
~$235
The outcome: Payment drops immediately, and because there is no appraisal, homeowners whose value has slipped can still qualify.
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.
Down payment assistance does not apply to a streamline refinance, but if you are helping family buy their first home, the FHA DPA Program can cover their 3.5% on a purchase.
Do I need an appraisal for an FHA Streamline Refinance?
No. HUD waives the appraisal, which is why the streamline works even when your loan-to-value is above 100%.
Can I take cash out on a streamline?
No. Cash back is limited to $500 from escrow adjustments. Cash out requires an FHA cash-out refinance capped at 80% LTV.
How soon can I refinance after buying with FHA?
You need 210 days from your first payment due date and six payments made on the existing FHA loan.
Is income verification required?
Not for a non-credit-qualifying streamline in most cases. A credit-qualifying streamline does verify income and re-checks credit.
FHA Streamline frequently asked questions
Do I need an appraisal for an FHA Streamline Refinance?
No. HUD waives the appraisal, which is why the streamline works even when your loan-to-value is above 100%.
Can I take cash out on a streamline?
No. Cash back is limited to $500 from escrow adjustments. Cash out requires an FHA cash-out refinance capped at 80% LTV.
How soon can I refinance after buying with FHA?
You need 210 days from your first payment due date and six payments made on the existing FHA loan.
Is income verification required?
Not for a non-credit-qualifying streamline in most cases. A credit-qualifying streamline does verify income and re-checks credit.
Will a streamline restart my mortgage insurance?
Yes, a new UFMIP is charged, though you may receive a prorated refund of the old one if you refinance within 36 months.
Can I remove a borrower with a streamline?
Only through a credit-qualifying streamline, and generally after documenting the reason such as divorce or death.
Is income documentation required?
The non-credit-qualifying streamline generally does not require income documentation, which is what makes it fast relative to a full refinance.
Can I skip a payment during a streamline?
No. Payments remain due; timing of payoff and the first new payment can make it appear that way, but no payment is forgiven.
Do I need equity to streamline?
Because no appraisal is typically required on the non-credit-qualifying option, existing value is not re-established — but the loan amount is limited by HUD's formula.
What if my current loan is not FHA?
Then a streamline is unavailable. Refinancing a non-FHA loan into FHA is a rate-and-term refinance with full underwriting.
Can I change from a 30-year to a 15-year?
Yes, subject to HUD's benefit test for term reductions, which allows a limited payment increase.
How much does a streamline cost?
Costs are typically lower than a full refinance because there is usually no appraisal, but title, recording, and new upfront MIP still apply.
Is there a credit check?
Lenders generally verify a mortgage payment history and may pull credit; the credit-qualifying variant adds full credit and income review.
Will my escrow account transfer?
The existing escrow is refunded by the old servicer and a new escrow is funded at closing.
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
Refinance commentary · Last reviewed August 23, 2026
Streamline is fast because it stays narrow
The Streamline path skips the appraisal and much of the income documentation, which is exactly why it closes quickly — but it cannot take cash out and requires a net tangible benefit. We check payment history and the benefit test before recommending it.
Our recommendation
Confirm your payment history is clean and the benefit test passes first.
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
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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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