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UpdatedAugust 22, 2026ReviewedAugust 23, 2026Where our FHA figures come from
Rates for FHA borrowers in El Paso County, CO — 2026 limits and local costs

What drives FHA pricing in Colorado Springs, CO

Quick answer — Rates in Colorado Springs

FHA rates are not set by state, and we do not publish a rate for El Paso County, CO because any figure would be stale and would not reflect your file. What is local is everything around the rate: the $541,650 county loan limit that caps the loan size, an escrow load of roughly $510 a month at the $471,000 median value, and property-type factors that change lender pricing.

One-unit loan limit
$541,650
Max price at 3.5% down
$561,295
HUD median value
$471,000
Monthly escrow (directional)
$510

Pre-qualify in Colorado Springs

A licensed loan officer reviews your scenario. Approval decisions are made by the lender.

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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.

Rates in Colorado Springs at a glance

  • FHA does not publish state-specific rates; pricing is set by lenders daily
  • Loan size matters: the 2026 one-unit limit here is $541,650
  • Credit tier, loan-to-value and property type all move lender pricing
  • Local escrow of about $510 a month affects qualifying, not the rate
  • Discount points buy a lower rate; lender credits raise it to cover costs
  • A written Loan Estimate is the only reliable quote — this page is educational

Last reviewed August 23, 2026 against current FHA (HUD 4000.1) guidelines.

Reviewed by the licensed mortgage team at Simply Approved Mortgages (NMLS #2620881) on August 23, 2026 against HUD Handbook 4000.1 and the program administrator’s published guidelines. See our editorial policy.

What actually changes your FHA pricing in Colorado Springs

Lenders price FHA loans off mortgage-backed securities, then adjust for credit score, loan-to-value, loan amount, occupancy, property type and lock period. Two borrowers in El Paso County, CO on the same day can be quoted very differently on score and property type alone.

Loan size interacts with the local limit: with the 2026 one-unit limit at $541,650 and the HUD reference median value at $471,000, most files here land comfortably below the cap, so loan-amount pricing adjustments are rarely the binding issue.

Local conditions that show up in a Colorado Springs file

Front Range hail is the dominant claim type in Colorado, so roof age and prior claims drive both the premium and whether a carrier will write the policy at all, and mountain properties add well, septic and year-round access questions.

Colorado Springs: A large military population means VA is often the better comparison, and PCS timing drives closing dates.

Escrow does not change the interest rate, but it changes the payment used for your debt-to-income ratio — about $510 a month at the local median value — which can change which programs you qualify for.

Points, credits and locks

Discount points are prepaid interest that buy a lower rate; a lender credit does the reverse, raising the rate to pay your costs. Which is right depends on how long you keep the loan — the break-even is arithmetic, not opinion, and our refinance break-even calculator runs it.

A rate is only real when it is locked and shown on a Loan Estimate. Nothing on this page is an offer, a rate lock, a commitment to lend, or a guarantee of approval.

2026 FHA figures for El Paso County, CO

Every figure below is HUD data for this exact place, or arithmetic on it.

One-unit FHA limit
$541,650
Max price at 3.5% down
$561,295
Minimum down payment
$19,645
HUD reference median value
$471,000

Source: HUD CHUMS 2026 forward limit file. Tax and insurance figures are directional values derived from U.S. Census Bureau ACS and NAIC published data. Illustrations only — not a rate quote, an approval, or a commitment to lend.

FHA Rates Rates in Colorado Springs, Colorado

Buyers pricing an FHA loan in Colorado Springs, Colorado and the rest of El Paso County are shopping the same wholesale FHA market as the rest of the state, but the option that fits best still comes down to the individual file. What you are quoted depends on the file — credit profile, base loan amount, down payment, property type, term and lock period each shift FHA pricing. Use the pricing form below to see live FHA options for your file, including provider APR and whether each option costs points or returns a lender credit. The options below are the same live wholesale FHA pricing referenced throughout this Rates guide.

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.

Rates in Colorado Springs — quick answers

What are FHA rates in El Paso County, CO today?
We do not publish a rate figure here. FHA rates change daily and are set by individual lenders based on your credit tier, loan amount, loan-to-value, property type and lock period — a published number would neither be current nor apply to your file. A licensed loan officer can put an actual quote in writing on a Loan Estimate.
Are FHA rates different in Colorado than in other states?
FHA does not set rates and does not set them by state. Lenders price nationally off the same secondary market, though state-specific costs — Colorado hail insurance and metro-district taxes — change your payment and your qualifying ratios even when the rate is identical.
What is the 2026 FHA loan limit in El Paso County, CO?
HUD's 2026 one-unit FHA limit for El Paso County is $541,650, with $693,400 for a duplex, $838,150 for a triplex and $1,041,650 for a fourplex.
What credit score gets the best FHA pricing?
FHA allows 580 for 3.5% down (500-579 with 10% down), but lender pricing improves in tiers above that, with meaningful breaks commonly around 620, 680 and 720. Improving a score before you lock is often worth more than shopping a quarter point.

Rates in Colorado Springs — frequently asked questions

What are FHA rates in El Paso County, CO today?

We do not publish a rate figure here. FHA rates change daily and are set by individual lenders based on your credit tier, loan amount, loan-to-value, property type and lock period — a published number would neither be current nor apply to your file. A licensed loan officer can put an actual quote in writing on a Loan Estimate.

Are FHA rates different in Colorado than in other states?

FHA does not set rates and does not set them by state. Lenders price nationally off the same secondary market, though state-specific costs — Colorado hail insurance and metro-district taxes — change your payment and your qualifying ratios even when the rate is identical.

What is the 2026 FHA loan limit in El Paso County, CO?

HUD's 2026 one-unit FHA limit for El Paso County is $541,650, with $693,400 for a duplex, $838,150 for a triplex and $1,041,650 for a fourplex.

What credit score gets the best FHA pricing?

FHA allows 580 for 3.5% down (500-579 with 10% down), but lender pricing improves in tiers above that, with meaningful breaks commonly around 620, 680 and 720. Improving a score before you lock is often worth more than shopping a quarter point.

Should I pay discount points?

Only if you will keep the loan past the break-even. Divide the cost of the points by the monthly payment saving to get the number of months to recoup; if you expect to sell or refinance before then, the points lose money.

Does FHA mortgage insurance affect my rate?

No, but it affects the cost. FHA charges 1.75% upfront (normally financed) plus an annual premium collected monthly, which at the 3.5% minimum down payment stays for the life of a 30-year loan. Compare FHA and conventional on total cost, not on the note rate alone.

Can I lock a rate before I find a home in Colorado Springs?

Most lenders require a property address and an executed contract to lock. Until then, quotes are indicative. Once locked, the lock has an expiration and extension costs, so timing it against your contract dates matters.

Does the property type change pricing?

Yes. Condominiums, manufactured housing and multi-unit properties typically price worse than a detached single-family home, and each has additional FHA eligibility conditions.

Is a refinance worth it at my current rate?

Run the break-even: total refinance cost divided by the monthly saving. An FHA Streamline refinance has a lower cost base because it generally requires no new appraisal and limited documentation, which shortens the break-even considerably.

Does the home have to be my primary residence?

Yes. Every FHA forward program requires owner occupancy — you must occupy the home as your primary residence, generally within 60 days of closing. Second homes and investment properties are not eligible for FHA financing.

What documents will a Colorado Springs borrower need?

Thirty days of pay stubs, two years of W-2s (or two years of full tax returns if you are self-employed), two months of statements for every account used for funds, photo ID, and a written explanation for any employment gap. Self-employed income is underwritten on net income after expenses, which is usually lower than gross deposits.

Is Simply Approved Mortgages licensed in Colorado?

Yes. Simply Approved Mortgages LLC (NMLS #2620881) is licensed to arrange residential mortgage loans in Florida and Colorado, including El Paso County, CO. We are a mortgage broker, not a direct lender, and all loans are subject to lender underwriting and approval.

Where do the El Paso County, CO figures on this page come from?

County loan limits come from HUD's official CHUMS 2026 forward-limit file. Median values are the HUD dataset's reference figures; property tax and insurance figures are directional values derived from U.S. Census Bureau ACS and NAIC published data. Nothing here is a rate quote, a loan offer, or a commitment to lend.

Nearby Colorado markets

Rates in DenverRates in Aurora & CentennialRates in Lakewood & GoldenRates in Thornton & Commerce CityRates in Castle Rock & ParkerRates in Boulder & Longmont
All Colorado ratesRates — national guideColorado FHA hubEl Paso County FHA loan limits

FHA programs available in Colorado Springs

FHA 203(b) in Colorado SpringsFHA 203(k) in Colorado SpringsFHA Streamline in Colorado SpringsFHA Cash-Out in Colorado SpringsHECM in Colorado Springs

Who you are working with

Simply Approved Mortgages LLC | NMLS #2620881

Florida Mortgage Broker License #MBR7685 | Colorado Mortgage Company Registration

Verify our license on NMLS Consumer Access · Full licensing & disclosures

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

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 financing

The trade-offs below are specific to FHA financing. 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 from a 580 FICO, with 100% of the down payment giftable.
  • Seller contributions of up to 6% of the sale price toward closing costs.
  • No income caps, and higher DTI is possible with documented compensating factors.

What to plan around

  • Annual mortgage insurance for the life of the loan at 3.5% down.
  • County loan limits cap the financed amount, not the purchase price.
  • HUD minimum property standards apply at appraisal.
Worked example

The FHA numbers behind this page

A $425,000 example shows the cash and loan structure FHA produces before pricing is added.

The FHA numbers behind this page
Purchase price$425,000
FHA down payment at 3.5%$14,875
Base loan amount$410,125
Upfront MIP at 1.75%, financed$7,177
Conventional 20% down for comparison$85,000

Illustration only — not a quote, rate lock, offer or commitment to lend. Subject to lender underwriting and approval.

Document checklist

What documents you need for FHA financing

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
Income documentation

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

Income documentation is where most FHA files slow down, and it depends on how you are paid. 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 El Paso County

FHA payment, affordability, closing cost and refinance calculators for El Paso County, Colorado

Prefilled with the 2026 HUD reference median of $471,000 for El Paso County, Colorado, a 0.45% effective property tax rate and a directional $4,000 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
$3,641
Principal & interest
$2,923
FHA annual MIP
$208
Property tax
$177
Homeowners insurance
$333
Down payment
$16,485
Loan amount incl. financed UFMIP
$462,469
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 El Paso County, Colorado

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 El Paso County, Colorado and Colorado tax and settlement conventions, reviewed August 23, 2026.

Estimated ownership costs in El Paso County, Colorado on a $471,000 home
CostEstimateHow it works here
Property tax$177 / moAbout 0.45% effective on $471,000 — roughly $2,120 a year. Millage is set locally, so verify the parcel's actual bill.
Homeowners insurance$333 / moDirectional $4,000 a year for a single-family owner policy in Colorado. Wind, hail and flood may be separate policies.
FHA annual mortgage insurance$208 / mo0.55% of the $454,515 base loan at 3.5% down, 30-year term, per HUD Mortgagee Letter 2023-05.
FHA upfront MIP$7,9541.75% of the base loan, normally financed into the $462,469 total loan amount rather than paid in cash.
State transfer / documentary taxCODocumentary fee $0.01 per $100 of price (one of the lowest in the country).
Settlement conventionTitle/escrow stateA title or escrow company customarily conducts the closing and issues the policy.

The expense buyers here miss most

Hail is the dominant claim type on the Front Range; roof age drives both premium and insurability.

How this affects the FHA file

Taxes and insurance are part of the qualifying payment, so a $510 escrow in El Paso 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

Local FHA & housing market updates

Local FHA and housing market updates for El Paso County, Colorado

Dated changes from the official sources that actually govern an FHA file here, each one linked to the primary source it came from. Nothing below is a rate quote, an offer of credit, a prediction or advice about when to buy.

  1. Local cost pressureVerified January 1, 2026

    What is moving the payment in Colorado: taxes, insurance and settlement costs

    Reported by U.S. Census Bureau: Effective property tax in Colorado runs about 0.45% of owner-occupied value, and a directional single-family homeowners premium is around $4,000 a year.

    What it means in El Paso County (our analysis): In El Paso County, Colorado, hail is the dominant claim type on the Front Range; roof age drives both premium and insurability. Colorado is customarily a title/escrow state, and documentary fee $0.01 per $100 of price (one of the lowest in the country). On this pricing page it matters because the loan amount, county limit and escrow costs above are what a lender prices against — not a survey average.

    American Community Survey (ACS) housing cost tables
  2. Down payment assistanceVerified August 12, 2026

    CHFA keeps its assistance options paired with FHA first mortgages

    Reported by Colorado Housing and Finance Authority (CHFA): The Colorado Housing and Finance Authority publishes the current terms of its homebuyer loans and down payment assistance options.

    What it means in El Paso County (our analysis): El Paso County, Colorado buyers pair these seconds with an FHA first mortgage, so the assistance amount, lien position and repayment terms change the FHA qualifying picture here. Program terms are set by the agency and change without notice — confirm current terms on the agency page before relying on them. On this pricing page it matters because the loan amount, county limit and escrow costs above are what a lender prices against — not a survey average.

    CHFA — homebuyer loan and down payment assistance programs
  3. Program rulesVerified August 12, 2026

    HUD published HUD Handbook 4000.1 Update 18

    Reported by U.S. Department of Housing and Urban Development: The update changed how lenders handle written and electronic verification of employment, restructured Federal Home Loan Bank set-aside treatment for down payment assistance, and revised HECM life expectancy set-aside requirements.

    What it means in El Paso County (our analysis): These are national underwriting rules, not local ones: a file on a El Paso County, Colorado property is underwritten to the same handbook, so the practical local effect is on how quickly employment can be re-verified before closing here. On this pricing page it matters because the loan amount, county limit and escrow costs above are what a lender prices against — not a survey average.

    HUD Single Family Housing Policy Handbook 4000.1
  4. Local valuesVerified January 1, 2026

    Reference median value used for El Paso County this cycle: $471,000

    Reported by U.S. Department of Housing and Urban Development: HUD's 2026 limit calculation for this county is anchored to a median value of $471,000 inside the COLORADO SPRINGS area.

    What it means in El Paso County (our analysis): At 3.5% down that implies roughly $16,485 of down payment on a median-priced El Paso County purchase, before closing costs and prepaid escrows. Reference figure only — not an appraisal, valuation or offer. On this pricing page it matters because the loan amount, county limit and escrow costs above are what a lender prices against — not a survey average.

    HUD Mortgagee Letter setting the annual limits
  5. Conforming limitsVerified January 1, 2026

    FHFA's 2026 conforming limits reset the FHA-versus-conventional line

    Reported by Federal Housing Finance Agency: FHFA publishes conforming loan limits each year alongside HUD's FHA limits.

    What it means in El Paso County (our analysis): In El Paso County, Colorado the two limits do not match, so above $541,650 a conventional loan can finance a larger amount than FHA — which is why both programs are worth pricing side by side on a purchase here. On this pricing page it matters because the loan amount, county limit and escrow costs above are what a lender prices against — not a survey average.

    FHFA conforming loan limits
  6. FHA loan limitsVerified January 1, 2026

    El Paso County's 2026 one-unit FHA limit is $541,650

    Reported by U.S. Department of Housing and Urban Development: HUD's 2026 county file sets the one-unit insured maximum in El Paso County, Colorado at $541,650, with $693,400 on an owner-occupied two-unit property.

    What it means in El Paso County (our analysis): The limit applies to FHA case numbers assigned on or after January 1, 2026 — the case number date, not your contract date, controls which year's limit applies to a El Paso County purchase. On this pricing page it matters because the loan amount, county limit and escrow costs above are what a lender prices against — not a survey average.

    HUD county loan limit file (CHUMS)
Simply Approved Mortgages Expert Insight
Lender commentary · Last reviewed August 23, 2026

Documented guidance from a licensed mortgage broker

Simply Approved Mortgages originates FHA loans directly, so the guidance on this page reflects how HUD's published rules apply to files we underwrite and close — not general industry commentary.

Our recommendation

Have your scenario reviewed against your actual documents before deciding.

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

Ask SAM anything about FHA loans in El Paso County, Colorado

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.

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

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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.

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