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PublishedJune 26, 2026UpdatedAugust 22, 2026ReviewedAugust 23, 2026Where our FHA figures come from
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Wholesale Advantage

Lower loan officer compensation, built into your FHA pricing.

Simply Approved Mortgages' lender-paid compensation is 1.5% of the loan amount. Less compensation built into pricing can leave room for a lower rate or a credit toward closing costs. Compare it against your own Loan Estimate below.

Start My ApprovalSee Today's Rates
3.5%
Min. down payment
580
Min. FICO score
$1,249,125
2026 high-cost ceiling

See how much you qualify for

No obligation. Tell us about your plans and a licensed loan officer reviews what is possible.

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2
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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.

About 60 seconds

Next: tell us where to send your options, then see your illustrated monthly payment.

Step 1 of 3 — your goal and property state. No contact details yet.

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.

Wholesale advantage

Compare loan officer compensation on your FHA quote

Loan officer compensation is part of the cost of a mortgage. Simply Approved Mortgages' lender-paid compensation is 1.5% of the loan amount. Enter the compensation shown on another lender's Loan Estimate to see the difference in dollars.

Simply Approved Mortgages compensation (1.5%)$4,500
Quote you entered (2.75%)$8,250

Compensation difference on this illustration: $3,750.

How lower compensation can help you

Room for a lower rate

When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.

Possible credits toward closing

Depending on the rate you choose, pricing can sometimes include a lender credit toward third-party closing costs, so you may bring less cash to closing.

More purchasing power

A lower rate means a lower monthly payment, which can lower your debt-to-income ratio and may help you qualify for more home on the same income.

Wholesale, not retail

As a mortgage broker we compare FHA pricing from wholesale lenders instead of offering a single bank's retail pricing.

Tip: On page 2 of your Loan Estimate, look at Section A, "Origination Charges." If the lender pays the loan officer, that compensation usually does not appear there as its own line; it is built into the interest rate. That is why comparing the rate and any lender credits side by side matters.

Get a free second opinion on your Loan Estimate

Already have a Loan Estimate from another bank or broker? Upload it and a licensed Simply Approved Mortgages loan officer will compare the rate, fees and credits side by side with what we can offer. No cost to request a review.

Your file is stored privately and only shared with our loan team. Residential lending in FL and CO only.

Illustration only, not an offer or a Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and a lower compensation figure does not by itself guarantee a lower rate or lower closing costs. Your actual rate, fees and credits appear on your official Loan Estimate and depend on credit, loan type, property and market conditions. Residential lending in FL and CO only.

Compensation questions

What is loan officer compensation?

It is what the loan originator is paid for arranging your mortgage. Federal rules (Regulation Z, 12 CFR 1026.36) say it can be paid by the lender or by you, but not both on the same loan, and it cannot be based on the loan's interest rate or terms.

How much is Simply Approved Mortgages' compensation?

Our lender-paid compensation is 1.5% of the loan amount. It is paid by the wholesale lender, not directly by you.

Does lower compensation guarantee a lower FHA rate or lower closing costs?

No. Lower compensation built into pricing can leave room for a lower rate or a lender credit, but your actual rate, fees and credits depend on your credit, loan type, property and the market on the day you lock. Your official Loan Estimate is the only binding comparison.

Where do I find compensation on a Loan Estimate?

Look at page 2, Section A, Origination Charges. Borrower-paid compensation appears there. Lender-paid compensation usually does not appear as its own line because it is built into the interest rate, which is why you should compare the rate and any lender credits side by side.

What does a mortgage broker do differently from a retail lender?

A retail lender offers its own pricing. A mortgage broker compares pricing from multiple wholesale lenders and places your loan with one of them.

Can you review a Loan Estimate from another lender?

Yes. Upload it with the form on this page and tell us what you are trying to do. We review residential loans in Florida and Colorado only.

Ready to see real numbers? Price your FHA scenario.

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 your county

FHA payment, affordability, closing cost and refinance calculators for the United States

Prefilled with the 2026 HUD reference median of $415,000 for the United States, a 0.90% effective property tax rate and a directional $2,300 annual homeowners premium. Change any input — the interest rate is your own assumption, not an offer.

$
%

FHA minimum is 3.5% at 580+ credit.

%

Your assumption — not a quoted rate.

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

Figures are illustrations based on the values you entered — not an offer, rate lock, or commitment to lend. Emailing your scenario sends it to a licensed loan officer in Florida or Colorado.

Estimates for general educational purposes only. Interest rates shown are assumptions you enter, not quoted rates, and nothing here is a rate lock, APR, payment quote, pre-approval, offer or commitment to lend. Results exclude HOA dues, flood or wind policies, mortgage insurance changes, points and lender-specific fees. FHA upfront MIP of 1.75% and annual MIP of 0.55% follow HUD Mortgagee Letter 2023-05 for a 30-year term at 3.5% down. Property tax and insurance inputs are directional state references, not a parcel-level bill. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state. All loans are subject to lender underwriting and approval. Equal Housing Opportunity. Sources: HUD Mortgagee Letter 2023-05 (MIP) · HUD Mortgagee Letter 2025-23 (2026 loan limits) · U.S. Census Bureau ACS · NAIC homeowners insurance · CFPB Closing Disclosure

Taxes, insurance and local expenses

What owning actually costs in the United States

Mortgage pricing moves the payment a little. Property tax and insurance move it a lot, and they are entirely local. These figures are built from the 2026 HUD county dataset for the United States and national tax and settlement conventions, reviewed August 23, 2026.

Estimated ownership costs in the United States on a $415,000 home
CostEstimateHow it works here
Property tax$311 / moAbout 0.90% effective on $415,000 — roughly $3,735 a year. Millage is set locally, so verify the parcel's actual bill.
Homeowners insurance$192 / moDirectional $2,300 a year for a single-family owner policy in the U.S.. Wind, hail and flood may be separate policies.
FHA annual mortgage insurance$184 / mo0.55% of the $400,475 base loan at 3.5% down, 30-year term, per HUD Mortgagee Letter 2023-05.
FHA upfront MIP$7,0081.75% of the base loan, normally financed into the $407,483 total loan amount rather than paid in cash.
State transfer / documentary taxVariesTransfer, deed, recordation and mortgage taxes are set state by state — several states charge none at all.
Settlement conventionTitle/escrow stateA title or escrow company customarily conducts the closing and issues the policy.

The expense buyers here miss most

Property tax and homeowners insurance vary far more between two states than mortgage pricing does — always re-price the escrow on the exact county before you write an offer.

How this affects the FHA file

Taxes and insurance are part of the qualifying payment, so a $503 escrow in your county consumes debt-to-income capacity before a single dollar of principal and interest is counted. Underwriting uses the post-closing figures, not the seller's current bill.

Estimates for general education only — not a quote, rate, APR, pre-approval, offer or commitment to lend. Property tax rates are effective rates derived from U.S. Census Bureau ACS data; actual millage is set by county, city, school and special districts. Insurance figures are directional annual premiums, not quotes. Transfer, deed, recordation and mortgage taxes summarise state-level statutes; counties and municipalities frequently add their own. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Sources: U.S. Census Bureau — ACS property tax data · NAIC Homeowners Insurance Report · CFPB — understanding closing costs

Simply Approved Mortgages Expert Insight
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 SAM AI

Ask SAM anything about FHA loans in the United States

SAM is the Simply Approved Mortgages AI assistant, grounded in HUD Handbook 4000.1 and the 2026 HUD county limit file. It answers general FHA questions instantly. A licensed loan officer reviews every scenario before any terms are confirmed.

Hi — I'm SAM. Ask me about FHA loan limits, credit, mortgage insurance, down payment assistance or what an underwriter will need from you. General education only: I don't quote rates, and nothing I say is an offer or commitment to lend.

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

Popular on this page

Talk to a licensed loan officer 877-813-7219

Ask SAM 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 the lesser of the purchase price or appraised value toward your down payment and closing costs, structured as a 10-year repayable second lien at your first-mortgage rate + 2%. FICO 580+, home purchases of a primary residence only — it is not available on refinances or reverse mortgages.

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 a 30-year fixed FHA first mortgage
  • 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.

Ready when you are

Get pre-qualified in minutes — no obligation.

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

Start My ApprovalSee Today's Rates

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

Quick pre-qualification

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

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

About 60 seconds

Next: tell us where to send your options, then see your illustrated monthly payment.

Step 1 of 3 — your goal and property state. No contact details yet.

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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