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Conventional loans · Fannie Mae & Freddie Mac

Conventional Loans 2026: Conforming Mortgages Backed by Fannie Mae and Freddie Mac

The 2026 conventional loan guide from Simply Approved Mortgages LLC (Company NMLS# 2620881). Conforming mortgages as low as 3% down, PMI removal under the federal Homeowners Protection Act, and the 2026 FHFA baseline conforming loan limit of $832,750. We are not affiliated with Fannie Mae, Freddie Mac, or FHFA — government/GSE program details should be verified on the official sources cited below.

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Quick answerSummary

A conventional loan is a mortgage that meets Fannie Mae or Freddie Mac guidelines — the standard for borrowers with a 620+ credit score. Down payments start at 3% for qualifying first-time buyers, and private mortgage insurance cancels automatically at 78% LTV, unlike FHA mortgage insurance. Your binding rate and costs appear on your Loan Estimate.

  • ✓2026 FHFA conforming loan limit: $832,750 baseline (1-unit) — higher in high-cost counties
  • ✓620 minimum FICO per Fannie Mae / Freddie Mac Selling Guides; best pricing at 740–760+
  • ✓3% down available on HomeReady, Home Possible, Standard 97, and HomeOne for eligible buyers
  • ✓PMI required above 80% LTV; auto-terminates at 78% LTV on primary residences per the Homeowners Protection Act
  • ✓DTI up to 50% with DU/LPA approval per Selling Guide B3-6-02
  • ✓Seller concessions capped at 3–9% depending on occupancy and LTV (B3-4.1-03)
  • ✓Primary residence, second home, and investment property all eligible

What this means for you: If your credit score is 700 or higher, conventional often costs less than FHA over time because PMI eventually falls off — a Simply Approved Mortgages Loan Officer can run both scenarios on your file.

SA

Written by

Simply Approved Mortgages Team

Licensed Loan Officers · NMLS# 2620881

12 min read·Independently researched · No paid product placement
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Complete the short request and a Simply Approved Mortgages Loan Officer sends back a written summary built from your own numbers: an estimated payment breakdown, estimated cash to close, the loan structures that may fit your file, and the documentation underwriting will ask for.

  • Estimated monthly payment with taxes and insurance
  • Estimated cash to close for your scenario
  • Loan structures your profile may fit
  • Document checklist for your file
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Takes about 3 minutes · Summary shown on screen and emailed to you

Illustration only, generated from the information you enter. Not a rate quote, lock, loan estimate, pre-qualification, offer, approval, or commitment to lend. Figures are subject to credit, income, asset and property review and full lender underwriting; binding numbers appear on your Loan Estimate.

Scenario summary

Purchase price entered
$412,000
Down payment entered
$20,600
Estimated loan amount
$391,400
Estimated cash to close
$14,300
Programs reviewed
4

Sample layout with example figures — your own numbers replace these. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.

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What is a conventional loan?

A conventional loan is a residential mortgage that is not insured by a federal agency (FHA, VA, or USDA). The vast majority of conventional loans in the U.S. are conforming — they meet the underwriting rules of Fannie Mae or Freddie Mac (the two Government-Sponsored Enterprises) and fall at or under the FHFA-published 2026 conforming loan limit ($832,750 for a 1-unit property in most counties).

Loans that exceed that limit are called jumbo (non-conforming) loans and are priced on a separate lender-specific investor grid. Conventional loans are originated by Simply Approved Mortgages LLC and sold to Fannie Mae or Freddie Mac (or a private investor for jumbo) after closing — the servicing rights may transfer to a different company, but the loan terms in your note do not change.

How conventional loan pricing works

Fannie Mae and Freddie Mac publish a Loan-Level Pricing Adjustment (LLPA) grid that adjusts the base note rate up or down based on your credit score, loan-to-value ratio, occupancy, property type, and loan purpose. The LLPA grid is public — Fannie Mae publishes the Loan-Level Price Adjustment Matrix and Freddie Mac publishes Exhibit 19. Your Simply Approved Mortgages Loan Officer models the LLPA impact on your scenario before you lock.

Low-down-payment conventional programs

  • Standard 97 (Fannie Mae) — 3% down for at least one first-time buyer on the loan. Fixed rate only.
  • HomeReady (Fannie Mae) — 3% down for buyers at or below 80% of Area Median Income. Reduced PMI coverage, non-occupant co-borrower allowed, boarder and ADU rental income permitted, 10/15/20/30-year fixed and 5/6m, 7/6m, and 10/6m ARMs, and 95% LTV on 2–4 units.
  • HomeOne (Freddie Mac) — 3% down with at least one first-time buyer on a purchase, and also available as a no-cash-out refinance. 1-unit primary residence only (no manufactured homes), 15-, 20-, or 30-year fixed, LPA Accept only, and TLTV up to 105% when the subordinate lien is an Affordable Second (which cannot be a HELOC). There is no income limit — that is the main difference from Home Possible.
  • Home Possible (Freddie Mac) — 3% down for buyers at or below 80% AMI. Reduced PMI coverage, 15/20/30-year fixed, 95% LTV on 2–4 units, and landlord education required on 2–4 unit purchases.

Income limits change by census tract — verify on Fannie Mae's AMI lookup tool or Freddie Mac's Income & Property Eligibility tool before assuming eligibility.

2026 update: rental income (Announcement SEL-2026-08)

On September 2, 2026, Fannie Mae issued Selling Guide Announcement SEL-2026-08, restructuring the conventional rental income requirements to improve how the policy is navigated and applied. Lenders could implement the rental income updates immediately and were required to implement them no later than November 1, 2026, so the version applied to your file depends on your application date and your lender's implementation, which may vary. The same announcement clarified highest and best use requirements for UAD 3.6 appraisal assignments and expanded lender eligibility under the Native American Conventional Lending Initiative. See Fannie Mae rental income rules in 2026.

Agency high-LTV refinance options: RefiNow and Refi Possible

Fannie Mae RefiNow and Freddie Mac Refi Possible are limited / no-cash-out refinances built for lower-income homeowners who already have an agency-owned loan. Both are 1-unit primary residence only, allow LTV up to 97% with a maximum 65% debt-to-income ratio, and require:

  • Total qualifying income at or below 100% of area median income.
  • An existing loan owned or securitized by that same agency, seasoned at least 12 months (Refi Possible also caps seasoning at 120 months).
  • No mortgage late payments in the last six months and no more than one 30-day late in months seven through twelve.
  • A documented net tangible benefit — at minimum a 0.5 percentage point interest rate reduction and a lower monthly payment including principal, interest, and mortgage insurance.

New borrowers cannot be added to these refinances, existing subordinate financing cannot be paid off with loan proceeds (it must be resubordinated), automated underwriting approval is required with no manual underwriting, and temporary buydowns are not permitted. Availability of agency high-LTV programs changes over time, so confirm current eligibility with your loan officer.

Student loan cash-out refinance

Fannie Mae's student loan cash-out refinance lets you pay off student debt with home equity at standard cash-out pricing rather than a rate add-on. At least one student loan must be paid in full — partial payoffs are not allowed — at least one borrower must be obligated on that debt, and the proceeds go directly to the student loan servicer at closing. Cash back to the borrower is capped at the lesser of $2,000 or 2% of the loan amount. Typical maximum LTVs are 80% on a 1-unit primary residence, 75% on 2–4 unit primaries, second homes, and 1-unit investment properties, and 70% on 2–4 unit investment properties.

Renovation and energy financing

HomeStyle® Renovation finances the purchase (or limited cash-out refinance) plus the renovation in one conventional first mortgage, with the loan-to-value calculated against the as-completed appraised value. It is available on 1–4 unit primary residences, 1-unit second homes, and 1-unit investment properties — including condos, co-ops, and PUDs — on 15- or 30-year fixed terms and eligible ARMs, with no cash back to the borrower at closing (not even the standard limited cash-out allowance). On a purchase, LTV is based on the lesser of the purchase price plus renovation cost or the as-completed value; on a refinance, it is the loan amount divided by the as-completed value.

  • 1-unit primary residence: up to 97% LTV/CLTV/HCLTV on a fixed rate, 95% on an ARM. Above 95%, a purchase borrower must be a first-time buyer unless the loan is combined with HomeReady, and a limited cash-out must pay off an existing agency-owned loan.
  • 2–4 unit primary residence: up to 95% fixed or ARM.
  • 1-unit second home: up to 90% fixed or ARM.
  • 1-unit investment: up to 85% on a purchase, 75% on a limited cash-out refinance.
  • Manufactured homes: up to 95% on a primary residence and 90% on a second home, with financeable renovation funds capped at 50% of the as-completed value.
  • Eligible Community Seconds can push combined LTV to 105% (not permitted on manufactured homes).

Renovation work should be completed within 15 months of closing and must be permanently affixed to the property. You choose your own contractor, who the lender reviews for qualifications; a written construction contract and complete plans and specifications are required. Do-it-yourself work is allowed at lender discretion on a one-unit owner-occupied home that is not manufactured, capped at 10% of the as-completed value, reimbursed only for materials and documented contract labor (never sweat equity), with inspections on any item over $5,000. Up to 50% of renovation costs can be advanced at closing for materials, permits, and design fees. A contingency reserve is optional on 1-unit properties and required on 2–4 unit properties, and a payment reserve of up to six months of PITIA may be financed if you must vacate the home during the work. Mortgage insurance, when required by the LTV, must be in place before closing. A high-balance version is available in designated high-cost counties up to the applicable county ceiling.

HomeStyle® Refresh is the lighter-touch option for smaller projects. It finances improvements up to 15% of the as-completed appraised value on purchase or limited cash-out refinance, on 15- and 30-year fixed rates and eligible ARMs, with standard agency LTV limits rather than a special renovation matrix. All one- to four-unit existing properties and all occupancy types are eligible, and manufactured homes qualify as long as the improvements do not involve structural changes. Work must be completed within 180 days of the note date, a contingency reserve is optional (up to 20% of renovation costs), and any escrow funds left over at the end must be applied to reduce the loan balance. Eligible projects are broad — kitchen and bath updates, decks, patios and pools where zoning allows, adding or renovating an accessory dwelling unit, disaster repairs and resiliency work, environmental hazard remediation such as asbestos, lead, mold, and radon, and energy- or water-efficiency improvements. Refresh can also pay off energy-related improvement debt, including a PACE loan, which is often cheaper than leaving that assessment in place, and it can be combined with high-balance, HomeReady, Community Seconds, down payment assistance, and grants. Renovation work in a condo or PUD must be permitted by the association and is generally limited to the interior of the unit.

Standard fixed-rate and ARM structures

The core conventional fixed program runs 10 to 30 years and is available for purchase, limited cash-out refinance, and cash-out refinance on primary residences, 1-unit second homes, and investment property. The adjustable-rate program offers 5/6m, 7/6m, and 10/6m ARMs on a 30-year amortization. Typical maximum loan-to-value with automated underwriting approval:

  • Primary residence purchase / limited cash-out: up to 97% on 1 unit fixed (95% on ARM), 95% on 2–4 units.
  • Second home (1 unit only): up to 90% purchase and limited cash-out, 75% cash-out.
  • Investment: up to 85% purchase on 1 unit, 75% on 2–4 units, 75% cash-out on 1 unit and 70% on 2–4 units.
  • Cash-out on a primary residence: 80% on 1 unit, 75% on 2–4 units.

The 95.01%–97% tier requires automated approval, all borrowers occupying the property, and at least one first-time buyer on a purchase (on a limited cash-out refinance the existing loan must already be agency-owned). Cash-out refinance is not available on an owner-occupied property in Texas, and cash-out on manufactured housing is limited (not allowed at all on ARMs). Single-wide manufactured homes are restricted to primary residences with automated approval, and manufactured homes are not eligible on investment property.

High-balance / super conforming loans

In designated high-cost counties, a loan above the baseline conforming limit but at or below the county ceiling is a high-balance (Fannie Mae) or super conforming (Freddie Mac) loan rather than a jumbo. For 2026, 1-unit high-balance loan amounts run from just above $832,750 up to the applicable county ceiling. Fixed terms of 10–30 years and 5/6m, 7/6m, and 10/6m ARMs are available. Typical maximum LTVs are 95% on a 1-unit primary purchase or limited cash-out, 85% on 2 units, 75% on 3–4 units, 90% on a 1-unit second home, 85% on a 1-unit investment purchase, and 80% on a 1-unit primary cash-out.

Temporary buydowns on a conventional loan

A conventional temporary buydown is available on purchase and limited cash-out refinance for a primary residence or 1-unit second home, on 15-, 20-, or 30-year fixed terms. Buydown structures depend on who pays: a lender-funded buydown can be 1-0 or 2-1, while a seller or other interested party can fund 3-2-1, 2-1, or 1-0. Borrower-funded buydowns are not allowed. On a purchase the buydown must come from interested parties and count within agency interested-party contribution limits; on a limited cash-out refinance only the lender may fund it. The loan is always underwritten and qualified at the full note rate — not the reduced first-year rate — and buydown funds cannot be used to cure past-due payments or to reduce the loan amount for LTV purposes.

Borrowers with seven to ten financed properties

If the subject property is a second home or investment property and you already own seven or more financed properties, the file moves to a separate program capped at 10 financed properties including your own residence. It requires automated underwriting approval (no manual underwriting) and does not allow subordinate financing. Typical maximum LTVs are 90% purchase and limited cash-out on a 1-unit second home, 85% purchase on a 1-unit investment, and 75% on 2–4 unit investment or cash-out transactions. In Texas, cash-out under this program is limited to investment properties.

Private mortgage insurance (PMI) on a conventional loan

Whenever the LTV is above 80% at origination, the lender requires private mortgage insurance to protect against loss if the loan defaults. On a primary residence with borrower-paid monthly PMI, the federal Homeowners Protection Act of 1998 (12 U.S.C. § 4901) requires the lender to automatically terminate PMI when the loan reaches 78% of the original property value on the amortization schedule, and to cancel it at your written request at 80% LTV. Lender-paid PMI (LPMI) is baked into the rate and does not drop off — refinancing is the only exit.

DTI, reserves, and credit

  • DTI: up to 50% with Fannie Mae DU or Freddie Mac LPA approval (Selling Guide B3-6-02).
  • Reserves: 0–6 months PITI depending on property type, occupancy, and DU/LPA output.
  • Credit: loans approved through DU or LPA do not carry a published minimum credit score, but the representative score still drives pricing, LTV, and mortgage insurance eligibility. When mortgage insurance is required (LTV above 80%) a 600 minimum score applies and the MI company must also approve the file. Manually underwritten files follow the agency LTV/credit matrix (generally 620–700 depending on LTV, DTI, and reserves), and appraisal transfers are not permitted below a 620 qualifying score.

This is not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Rate assumptions and payment illustrations are for education only and vary by borrower and market.

Plain-English eligibility check

Do I qualify for a conventional loan?

Check the boxes below in plain English. If most of them describe you, you are likely in position for a Fannie Mae or Freddie Mac conventional loan — your Simply Approved Mortgages Loan Officer can confirm with a full pre-approval.

  • ✓

    Credit score

    Set by DU/LPA · 600+ when PMI is required

    DU/LPA-approved loans have no published score floor, but scores above 80% LTV need MI company approval at 600+. Manual underwriting follows the agency 620–700 matrix.

  • ✓

    Down payment

    As little as 3% on primary residence

    HomeReady, Standard 97, HomeOne, or Home Possible for eligible buyers. 5% on standard conforming.

  • ✓

    Debt-to-income (DTI)

    50% or lower

    DU/LPA approval required for the higher end (Selling Guide B3-6-02).

  • ✓

    Employment / income

    2-year documented history

    W-2, 1099, or self-employed with 2 years of tax returns.

  • ✓

    Property type

    Primary, second home, or investment

    SFR, warrantable condo, 2–4 unit, PUD, or manufactured home.

  • ✓

    Loan amount

    At or below $832,750 (1-unit baseline)

    2026 FHFA conforming limit. Higher in designated high-cost counties.

  • ✓

    Waiting period

    4 yrs post-Chapter 7 · 7 yrs post-foreclosure

    Extenuating circumstances can shorten (B3-5.3-07).

  • ✓

    Reserves

    0–6 months PITI

    Higher on second home, investment, and multi-unit files.

Common disqualifiers to review with your Loan Officer

  • −Score below the mortgage insurance floor of 600 when the LTV is above 80%
  • −Unresolved bankruptcy inside the seasoning window
  • −DTI above 50% without DU/LPA approval
  • −Non-warrantable condo project
  • −Loan amount above the conforming limit (jumbo pricing applies)
✕

What disqualifies me? — plain-English examples

Here are the most common conventional loan disqualifiers we see, with a quick real-world example of each so you can gauge your file at a glance. If any of these describe you, don't stop here — a Simply Approved Mortgages Loan Officer can often build a path around the issue (compensating factors, alternate program, or a plan to fix it before you apply).

  • Score below the mortgage insurance floor

    Example: A buyer with scores of 590 / 585 / 598 putting 5% down needs private mortgage insurance, and the MI companies require a 600 minimum representative score. Options: rebuild scores, increase the down payment to 20% so MI is not required, or look at FHA at 580+.

  • Chapter 7 bankruptcy discharged less than 4 years ago

    Example: Chapter 7 discharged 30 months ago. Fannie Mae requires 4 years from discharge (or 2 with documented extenuating circumstances). File must wait or move to a non-QM program (Selling Guide B3-5.3-07).

  • DTI above 50% without DU/LPA approval

    Example: $8,000/mo income with $4,200/mo total debts = 52.5% DTI. DU returned "Refer with Caution." Options: pay down a $12,000 auto loan to drop DTI, add reserves, or pivot to FHA (standard 43% back-end DTI, which can stretch up to approximately 56.99% with compensating factors).

  • Non-warrantable condo project

    Example: HOA delinquency > 15%, single-entity ownership > 20%, or ongoing litigation makes the project non-warrantable to Fannie Mae. Conventional financing not available on this specific unit — portfolio / non-QM condo required.

  • Loan amount above the conforming limit

    Example: A $900,000 loan in a county with a 2026 baseline conforming limit of $832,750 crosses into jumbo pricing — different investor grid, tighter DTI/reserves.

  • Investment property, less than 15% down

    Example: Investor putting 10% down on a duplex rental. Fannie Mae requires 15% (1-unit) or 25% (2–4 unit) minimum down on investment. Increase down payment or switch to DSCR / non-QM.

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Meeting the thresholds above does not guarantee approval. Individual results vary; binding terms appear on your federally required Loan Estimate.

Sources: Fannie Mae Selling Guide (B3-5.1-01, B3-6-02, B3-5.3-07, B5-6-01), Freddie Mac Single-Family Seller/Servicer Guide, FHFA 2026 Conforming Loan Limits, Homeowners Protection Act of 1998 (12 U.S.C. § 4901).

Eligibility & qualifications

Conventional loan qualifications: complete eligibility requirements

Below are the baseline Fannie Mae and Freddie Mac conventional loan qualifications your file must meet. Individual lender overlays can be stricter — Simply Approved Mortgages LLC (Company NMLS# 2620881) runs your file through both Fannie Mae Desktop Underwriter (DU) and Freddie Mac Loan Product Advisor (LPA) and uses whichever engine gives the strongest result.

RequirementConventional loan standardNotes / source
Minimum credit score620 representative FICOFannie Mae Selling Guide B3-5.1-01. Best pricing tiers at 680 / 700 / 720 / 740 / 760+ due to the LLPA grid.
Down payment3% – 20%3% on HomeReady, Standard 97, HomeOne, Home Possible for primary residence. 5% on standard conforming. 10%+ on second home, 15–25%+ on investment.
Maximum LTV / CLTVUp to 97% LTV / 105% CLTV97% LTV with eligible community-second down payment assistance may bring CLTV to 105% (Fannie Mae Selling Guide B5-6-01).
Maximum DTIUp to 50%Fannie Mae B3-6-02 and Freddie Mac 5401 — DU/LPA approval required for the higher end.
Mortgage insurance (PMI)Required above 80% LTVAutomatic termination at 78% LTV on primary residence under Homeowners Protection Act of 1998 (12 U.S.C. § 4901). Cancellable at 80% by written request.
Reserves0 – 6 months PITIDriven by DU/LPA output, occupancy, and property type. Investment property typically requires 6 months per unit.
Loan limit (baseline, 1-unit)$832,750 in 2026FHFA sets annual conforming limits — high-cost counties allow up to 150% of baseline. See the FHFA county-by-county table.
Waiting period after Chapter 7 bankruptcy4 years from discharge2 years with documented extenuating circumstances.
Waiting period after foreclosure7 years3 years with documented extenuating circumstances.
Waiting period after short sale / deed-in-lieu4 years2 years with documented extenuating circumstances.
Seller concessions2% – 9% of value3% above 90% LTV, 6% at 75.01–90% LTV, 9% at ≤75% LTV, 2% on investment (B3-4.1-03).
Gift fundsAllowed for entire down payment on primary residenceFrom eligible donor — family, fiancé, domestic partner. Gift letter required (B3-4.3-04).
Non-occupant co-borrowerAllowed on most programsHomeReady/Home Possible and standard conforming permit non-occupant co-borrowers with income counted per DU/LPA.
CitizenshipU.S. citizens, permanent residents, and non-permanent resident aliensNon-permanent resident aliens must have unexpired work authorization.

Eligible property types & occupancy

  • ✓1–4 unit primary residences (SFR, PUD, warrantable condo, co-op in eligible markets)
  • ✓Second homes (1-unit only, buyer occupies at least part of the year, not rented out)
  • ✓1–4 unit investment properties (higher down payment and reserves)
  • ✓Manufactured homes (MH Advantage or Fannie Mae standard MH — Freddie Mac CHOICEHome / standard MH)
  • ✓Warrantable condo projects that meet Fannie Mae / Freddie Mac project review
  • ✓New construction, single-close construction-to-perm, and end-loan takeouts

Income & employment

  • ✓W-2 wage earners: 2 years employment history typical; recent grads with degree in field can qualify with less
  • ✓Self-employed: 2 years personal and business tax returns; 1 year permitted per DU/LPA in some cases
  • ✓Bonus, overtime, commission: 2-year average if variable; must be likely to continue
  • ✓Rental income: from Schedule E or signed lease with 75% vacancy factor
  • ✓Retirement, Social Security, pension, disability: fully qualifying with award letter and continuance documentation
  • ✓Non-taxable income can be grossed up 25% per Fannie Mae B3-3.1-01

Compensating factors that strengthen approval

  • +Middle FICO 740+ (best LLPA pricing tier)
  • +6+ months PITI reserves in liquid accounts
  • +Housing payment shock under 20% (new PITI vs current rent)
  • +Verified assets significantly above minimum required funds
  • +Stable 3+ year employment with same employer or in same field
  • +Non-taxable income eligible for gross-up (VA, SSDI, child support)

Common ineligible or disqualifying scenarios

  • −Middle FICO below 620 (consider FHA or Non-QM)
  • −Loan amount above county conforming ceiling (needs jumbo or high-balance)
  • −Non-warrantable condo project (needs portfolio or non-QM)
  • −DTI above 50% without documented compensating factors
  • −Foreclosure or Chapter 7 discharge inside the mandatory waiting period
  • −Active Chapter 13 without 12+ months on-time payments and trustee approval
  • −Property with unresolved title, survey, or zoning defects
  • −Foreign nationals without U.S. work authorization (needs Foreign National loan)

Sources: Fannie Mae Selling Guide (October 2025 edition), Freddie Mac Single-Family Seller/Servicer Guide, FHFA 2026 Conforming Loan Limits, and the federal Homeowners Protection Act of 1998 (12 U.S.C. § 4901 et seq.). Individual investor overlays may be stricter. This is not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Simply Approved Mortgages LLC — Company NMLS# 2620881.

Wholesale advantage

Compare loan officer compensation on your mortgage quote

Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. 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 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 second opinion on your Loan Estimate

Already have a Loan Estimate from another bank or broker? Share it with a Simply Approved Mortgages Loan Officer, who will compare the rate, fees and credits side by side with options we can arrange. No cost to request a review.

Illustration only — not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and is part of the loan's pricing, so the loan is not free of costs. A lower compensation figure does not by itself guarantee a lower rate or lower closing costs; individual results vary by credit, loan type, property and market conditions. Residential lending in FL and CO only. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.

How to get a conventional loan with Simply Approved Mortgages

  1. 1

    Confirm you qualify

    Send your Simply Approved Mortgages Loan Officer income, credit, and reserve documentation. We run the file through Fannie Mae DU and Freddie Mac LPA and pick the engine that gives the best result.
  2. 2

    Pick the right program

    Standard 97, HomeReady, HomeOne, Home Possible, or standard 5% down — pricing and PMI vary by program.
  3. 3

    Written pre-approval

    Underwriter-reviewed pre-approval with LLPA-adjusted pricing modeled on your scenario.
  4. 4

    Property under contract

    Submit the fully executed purchase agreement and earnest money receipt.
  5. 5

    Appraisal and underwriting

    Standard full-doc underwriting; DU/LPA feedback drives conditions.
  6. 6

    Clear to close and fund

    Sign, wait for funding per your state's rules, and get the keys.
Expert Insight
The single biggest lever on conventional loan pricing is your middle FICO — the LLPA grid steps at 640, 660, 680, 700, 720, 740, and 760. A 12-point score bump can move an entire pricing tier. If your middle FICO is close to a break point, work with a Simply Approved Mortgages Loan Officer on a rapid-rescore strategy through your credit bureau before locking.
Simply Approved Mortgages Team
Licensed Loan Officers • NMLS# 2620881

Want this applied to your own file?

A Simply Approved Mortgages Loan Officer reviews your credit, income, and property against current FHA guidelines and follows up with estimated figures. Educational only — not a quote, lock, offer, or commitment to lend.

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Key qualifying numbers

Conventional loan (Fannie Mae / Freddie Mac) — max LTV, credit score & DTI at a glance

The four numbers most borrowers ask about first. Full underwriting matrix and citations are further down the page.

Max LTV

97%

Purchase, 1-unit primary (HomeReady / Home Possible / Standard 97). 95% for standard 1-unit; 85% for 2-unit; 80% for 3–4 unit or investment purchase.

Min credit score

620

Mid-FICO of tri-merge, per Fannie Mae Selling Guide B3-5.1-01. 680+ typically prices best.

Max DTI

45%

Standard 45% back-end (Fannie Mae Selling Guide B3-6-02). Up to 50% with DU/LPA "Approve/Eligible" + strong compensating factors; manual underwriting caps at 36–45%.

Cash-out max LTV

80%

1-unit primary; 75% second home / 1-unit investment; 70% 2–4 unit investment (Fannie B2-1.3-03).

Guidelines subject to change; lender overlays may apply. Illustrative only — not a rate quote, lock, offer, or commitment to lend. A Simply Approved Mortgages Loan Officer confirms the numbers on your actual file.

Qualifications & requirements

Conventional (Fannie Mae / Freddie Mac) loan qualifications: what you actually need to qualify

RequirementTypical standardNotes
Credit score620 minimum (Fannie/Freddie); 660–740+ for best pricingPer Fannie Mae Selling Guide B3-5.1-01 and Freddie Mac Guide 5201.1.
Down payment3% (HomeReady / Home Possible, first-time buyers); 5% standard; 10–25% for 2nd homes / investmentPer Fannie Mae B2-1.5-02 and Freddie Mac 4203.4.
Debt-to-income (DTI)Up to 50% via DU/LP automated underwriting with compensating factorsFannie Mae B3-6-02 / Freddie Mac 5401.2.
Private mortgage insurance (PMI)Required when LTV > 80%; auto-terminates at 78% LTVPer Homeowners Protection Act of 1998 (HOPA).
Loan limits (2026)$832,750 baseline 1-unit; up to $1,249,125 in high-cost countiesPer FHFA 2026 Conforming Loan Limit announcement.
OccupancyPrimary, second home, or investment (1–4 unit)Pricing adjustments (LLPAs) apply by occupancy and LTV.
Reserves0–6 months PITI depending on program, occupancy, and property typeHigher reserves required for investment and multi-unit.
Waiting periods after credit eventsBK Ch. 7: 4 yrs; Ch. 13: 2 yrs; foreclosure: 7 yrs; short sale/DIL: 4 yrsPer Fannie Mae B3-5.3-07 / Freddie Mac 5202.5.

Sources: Fannie Mae Selling Guide (fanniemae.com), Freddie Mac Single-Family Seller/Servicer Guide (freddiemac.com), FHFA loan limit announcements. Individual results vary.

What you can do with this loan

✓

Purchase a primary residence (1–4 units)

✓

Purchase a second home / vacation property

✓

Purchase an investment property (1–4 units)

✓

Rate-and-term refinance at up to 97% LTV (primary)

✓

Cash-out refinance up to 80% LTV (primary, 1-unit)

✓

HomeStyle Renovation loan — finance purchase + renovation in one loan

✓

HomeReady / Home Possible with 3% down for eligible first-time or low-to-moderate income buyers

✓

ADU (accessory dwelling unit) financing on eligible properties

Conventional Loan: Pros and Cons

Pros of a conventional loan

  • +As little as 3% down on HomeReady, Home Possible, Standard 97, and HomeOne for eligible buyers
  • +PMI drops off automatically at 78% LTV on primary residences under the Homeowners Protection Act
  • +No upfront mortgage insurance premium (unlike FHA's 1.75% UFMIP)
  • +Higher conforming loan limits than FHA in most counties
  • +Primary residence, second home, and investment property all eligible
  • +Broad property type eligibility — SFR, condo (warrantable), 2–4 unit, manufactured, PUD

Cons / trade-offs of a conventional loan

  • −Minimum 620 middle FICO (vs 580 on FHA)
  • −Pricing driven by LLPA grid — lower FICO or higher LTV files can price above FHA
  • −PMI required above 80% LTV until it terminates
  • −Condo project must be warrantable to Fannie Mae or Freddie Mac
  • −Tighter waiting periods on some derogatory events than FHA (4 years vs 2 years post-Chapter 7 bankruptcy)
  • −Non-occupant co-borrower rules stricter than FHA

See where you stand on these requirements

A Simply Approved Mortgages Loan Officer will review your credit, income, and reserves against real program guidelines — no obligation.

Start My Approval

Worked example

How this loan actually works — a full example

A first-time buyer purchases a $500,000 single-family home with 5% down on a 30-year fixed conventional loan. PMI applies until the LTV reaches 78%.

Inputs

Purchase price
$500,000
Down payment (5%)
$25,000
Base loan
$475,000
Illustrative rate (30-yr fixed)
6.75%
PMI (est. 0.55% annual, 95% LTV, 740 FICO)
≈ $218/mo
Property taxes
$375/mo
Homeowner's insurance
$110/mo

Calculation

  1. 1
    Principal & interest (30-yr @ 6.75%)
    ≈ $3,081 / month
  2. 2
    Monthly PMI
    $218 / month
  3. 3
    Taxes + insurance
    $485 / month
  4. 4
    Estimated total PITI + PMI
    ≈ $3,784 / month
  5. 5
    PMI auto-terminates at 78% LTV (HOPA)
    Once balance reaches $390,000
Outcome
Illustrative only. PMI rates depend on FICO, LTV, and coverage. Not a quote or commitment to lend — binding figures appear on your Loan Estimate.

Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate.

Real-world conventional loan scenarios

✓

First-time buyer, 3% down HomeReady

Buyer at 82% of AMI, 700 FICO, 42% DTI, purchases $410,000 home with 3% down and discounted HomeReady PMI. Cheaper monthly payment than a comparable FHA scenario once MIP is factored in.

✓

Move-up buyer, 20% down

Household with 745 FICO puts 20% down on $650,000 home. No PMI, no upfront fees, and hits the best LLPA pricing tier.

✓

Second home financing

Buyer with 740 FICO puts 10% down on a mountain second home at $575,000. Second-home LLPA priced in; PMI required until 80% LTV.

✓

Investment property, 25% down

Investor with 760 FICO puts 25% down on a single-family rental. Investment LLPA plus reserve requirement of 6 months PITI on the subject property.

Pricing snapshot

Live ratesLive pricing. Rates are retrieved from our pricing provider when you run a scenario.

Conventional Loan Rates — Today's Options at a Glance

Four real options from today's wholesale pricing for one documented sample scenario per program — no form needed. Updated twice each business day, about 10 AM and 2 PM Eastern. Your own rate depends on your credit, down payment, property, state and lock date.

Live pricing tool

Live ratesLive pricing. Rates are retrieved from our pricing provider when you run a scenario.

Conventional Loan Rates Today — Live Pricing Engine

Enter your scenario to see live wholesale pricing for Florida and Colorado. Figures are illustrative and not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate.

Conventional loan pricing tool

Live ratesLive pricing. Rates are retrieved from our pricing provider when you run a scenario.

Conforming conventional first-mortgage pricing, with optional temporary buydown. Every figure shown comes from our pricing provider for the scenario you enter — nothing is estimated.

Pricing shown is based on the scenario entered and wholesale pricing available at the time of the search. It is not a rate lock, loan approval, commitment to lend, or guarantee of terms. Rates and pricing change frequently and expire. Your actual rate, APR, payment, and costs depend on a complete application, verified credit and income, property and appraisal review, and lender underwriting approval. Binding figures appear on your Loan Estimate. Payment shown is principal and interest only and excludes taxes, insurance and mortgage insurance. Simply Approved Mortgages LLC · NMLS# 2620881 · Equal Housing Opportunity.

Live market pricing

Today's conventional loan rates (2026)

conventional loan pricing is quoted daily and depends on credit, loan amount, LTV/CLTV, occupancy, and lender program. Figures below are for education only — your binding rate and APR appear on your Loan Estimate.

  • ✓2026 FHFA conforming baseline is $832,750 (1-unit) — higher in designated high-cost counties
  • ✓Rates driven by daily Fannie Mae / Freddie Mac MBS pricing and each lender's margin
  • ✓30-year fixed, 15-year fixed, and 5/6-, 7/6-, 10/6-ARM options widely available
  • ✓Loan-Level Pricing Adjustments (LLPAs) from Fannie Mae and Freddie Mac drive rate/fee changes by FICO, LTV, occupancy, and property type
  • ✓PMI drops off automatically at 78% LTV on primary residences under the Homeowners Protection Act
See Today's RatesStart My Approval

What affects your rate

  • ✓

    Credit score

    620 minimum per Selling Guide; best pricing at 740–760+ middle FICO due to LLPA grid.

  • ✓

    Loan-to-value (LTV)

    PMI required above 80% LTV. Pricing improves at 75%, 70%, and 60% LTV break points.

  • ✓

    Occupancy

    Primary residence gets the best pricing. Second home and investment property carry LLPAs.

  • ✓

    Property type

    Condos, 2–4 unit, and manufactured homes carry additional adjustments.

  • ✓

    Loan amount

    Above the conforming limit crosses into jumbo pricing (separate investor grid).

Rates and APRs shown are illustrative and change daily. Not a quote, lock, offer, or commitment to lend. Binding figures appear on your official Loan Estimate. Simply Approved Mortgages LLC, NMLS# 2620881. Equal Housing Opportunity.

Conventional Loan Payment Calculator

Estimate a full PITI payment on your conventional loan with a plain-English breakdown of principal & interest, property taxes, homeowner's insurance, and HOA — plus a loan amortization summary. Illustrative only; your Loan Estimate will show the binding figures.

Estimate your payment
Home price$450,000
$
Down payment$45,000 (10.0%)
$
Interest rate6.25%
%
Loan term30 years
Credit tier (FICO)740-759
Property taxes (annual %)1.20%
%
Homeowner's insurance (annual)$1,650
$
HOA (monthly)$0
$
Principal & interest
$2,494
Taxes + insurance
$588
Loan amount
$405,000
Estimated monthly payment (PITI)
Illustrative — binding figures on your Loan Estimate
$3,082

Monthly payment breakdown

Principal & interest$2,494 · 81%
Property taxes (1.20%/yr)$450 · 15%
Homeowner's insurance$138 · 4%

Loan amortization summary (30-year term)

Total interest paid
$492,716
Total paid over term
$897,716
Year 1 · to interest
$25,178
Year 1 · to principal
$4,746

Assumes a fixed-rate 30-year loan held to maturity with no prepayments. Actual amortization varies with extra principal payments, escrow adjustments, PMI/MIP, and any rate resets on an ARM.

Free • No obligation

Use my estimate — see today's rates

We'll pre-fill your calculator numbers into the quote form below. A Simply Approved Mortgages Loan Officer will personally connect with you to walk through your scenario.

Home price$450,000
Down payment$45,000 (10.0%)
Loan amount$405,000
Rate / term6.25% · 30y
Credit tier740-759
Est. total PITI$3,082
See Today's Rates

Pre-approval is a soft check with no SSN and no hard credit pull. Not a loan approval or commitment to lend — binding figures appear on your federally required Loan Estimate.

Ready to move forward?

Turn these numbers into a real pre-approval

Continue on our secure application page. Your Simply Approved Mortgages Loan Officer will review your numbers and follow up within one business day.

Start My Approval →See Today's RatesOr call 877-813-7219

No obligation. Soft-pull options may be available.*

Wholesale advantage

Compare loan officer compensation on your mortgage quote

Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. 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 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 second opinion on your Loan Estimate

Already have a Loan Estimate from another bank or broker? Share it with a Simply Approved Mortgages Loan Officer, who will compare the rate, fees and credits side by side with options we can arrange. No cost to request a review.

Illustration only — not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and is part of the loan's pricing, so the loan is not free of costs. A lower compensation figure does not by itself guarantee a lower rate or lower closing costs; individual results vary by credit, loan type, property and market conditions. Residential lending in FL and CO only. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.

Get Ready

Document Checklist for your conventional loan

Gathering these documents up front helps your Simply Approved Mortgages Loan Officer issue a stronger pre-approval and move your conventional loan to Clear-to-Close faster. Actual items required vary by scenario — your loan officer will confirm the final list.

Choose your income type

Only the income documents that apply to you are shown. Switch tabs if you have multiple income sources — your loan officer will confirm which apply.

W-2 / Employed Income

  • ✓Most recent 30 days of paystubs (all borrowers, all jobs)
  • ✓W-2s for the last 2 years (all employers)
  • ✓Two-year employment history with employer names, addresses, and dates
  • ✓Verification of Employment — written (WVOE) or electronic (EVOE through a third-party payroll service); your loan officer orders it with your signed authorization
  • ✓Employment reverification within 10 days before closing — verbal or electronic, required on every file
  • ✓Bonus / commission / overtime: 2-year history if used to qualify
  • ✓Recent job change: offer letter and first paystub after start date
  • ✓Retirees / fixed income: Social Security award letter, pension statements, 1099-R

Assets & Reserves

  • ✓Most recent 2 months of bank statements (all pages)
  • ✓Most recent quarterly statement for retirement / brokerage / 401(k)
  • ✓Gift funds: signed gift letter + donor bank statement + transfer proof
  • ✓Large deposit letters of explanation with source documentation

Identity & Residency

  • ✓Government-issued photo ID (driver's license or passport)
  • ✓Social Security card or ITIN letter
  • ✓Two years of residency history with addresses

Credit & Liabilities

  • ✓Written credit report authorization
  • ✓Letter of explanation for any late payments, collections, or inquiries
  • ✓Bankruptcy discharge papers or foreclosure documentation (if applicable)
  • ✓Child support / alimony order (if paying or receiving)
  • ✓Divorce decree / separation agreement (only if applicable)

Property & Purchase

  • ✓Fully executed purchase contract with all addenda
  • ✓Earnest money deposit receipt + source of funds
  • ✓Homeowners insurance quote (binder before closing)
  • ✓HOA / condo questionnaire and dues statement (if applicable)

Educational checklist only. Not a commitment to lend and not a complete list of conditions. Documentation requirements are governed by agency guidelines (Fannie Mae Selling Guide, FHA Handbook 4000.1 incl. Update 18 (August 12, 2026), VA Lender's Handbook, USDA HB-1-3555) and individual investor overlays. Your Simply Approved Mortgages Loan Officer will provide your specific document list based on your scenario.

Credit Documentation & Monitoring

Credit Reports and Credit Monitoring for your conventional loan

Credit is one of the four underwriting buckets every lender reviews — and one of the few you can actively improve before you apply. Monitoring your credit throughout the process helps you catch errors, fraud, and score changes early, which protects your approval timeline and your rate.

Step 1 · Lender Pull

Ordering Credit for Your Pre-Approval File

Once you sign your loan application (Form 1003) and disclosures, your Simply Approved Mortgages Loan Officer orders a tri-merge residential mortgage credit report (RMCR) from Equifax, Experian, and TransUnion. This is a hard inquiry, but FICO's model treats mortgage inquiries within a 45-day window as a single event, so shopping lenders during that window will not stack on your score.

  • What we need from you: signed borrower authorization, government-issued photo ID, Social Security number (or ITIN), and current address.
  • What the report shows underwriters: middle FICO score, open tradelines, minimum payments, late history, collections, public records, and recent inquiries.
  • How long it's valid: 120 days for conventional loans and for FHA/VA/USDA (HUD guidelines, VA Lender's Handbook Ch. 4). Older reports must be re-pulled before closing.
  • Rapid rescore: if a legitimate error is on your report, we can request a rapid rescore in 3–7 business days after you supply documentation from the creditor.
Pay for Your Credit Report →

This link redirects to our third-party credit vendor's payment portal. You pay the report fee directly so we can pull your tri-merge credit report for your pre-approval file. A credit pull is required for underwriting; this is not a commitment to lend.

Step 2 · Self-Check

Review and Monitor Your Credit at MyITINCredit.com

Before we pull your file, review and monitor your credit at MyITINCredit.com. Their $1 promotional trial gives you tri-bureau visibility plus ongoing credit monitoring so you can catch changes, disputes, or new accounts as they appear — not after they've already delayed your loan.

  • Verify accuracy: confirm names, addresses, SSN/ITIN, and every open account belong to you.
  • Dispute errors: the Fair Credit Reporting Act gives you the right to dispute inaccurate items directly with the bureau — no charge.
  • Address collections and charge-offs: a settled or paid collection can be documented in advance so it does not stall underwriting.
  • Pay down utilization: credit-card balances reported below 30% of the limit typically produce the strongest scores.
  • Avoid new credit: do not open new cards, finance a car, or co-sign for anyone from now through closing.
  • Monitor continuously: credit monitoring alerts you to new inquiries, balance changes, and potential identity theft while your loan is in process.
Check & Monitor Your Credit at MyITINCredit.com →

MyITINCredit.com is a service operated by Simply Approved Corporation (a DBA of that entity), which is the parent company of Simply Approved Mortgages LLC. Simply Approved Mortgages may receive subscription revenue if you choose to enroll. Credit monitoring through MyITINCredit.com is optional and is not required to apply for or obtain a mortgage with us. Promotional pricing, trial terms, and monitoring features are set by MyITINCredit.com and subject to change.

Why credit monitoring matters during a mortgage — A single new collection, missed payment, or unauthorized inquiry can change your qualifying score or trigger additional underwriting conditions. Typical minimum scores* — Conventional 620, FHA 580 (3.5% down) or 500 (10% down), VA no HUD minimum (most lenders 580–620), USDA typically 640, Jumbo 680–740, Doctor Mortgage 680–700+, Non-QM/DSCR varies by program, ITIN 620–680 alternative credit. Investor and lender overlays apply; individual results vary. Not a commitment to lend.

Trusted government resources

These independent government resources can help you research mortgage programs, rates, and your rights before you apply.

Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, or any other government agency. Links are provided for your independent verification.

FAQs reviewed by Simply Approved Mortgages · November 2026

Still have questions? Get answers on your scenario

Start a short request and a Simply Approved Mortgages Loan Officer responds within one business day with next steps and a document checklist.

Start My ApprovalSee Today's Rates

Frequently Asked Questions About Conventional Loans 2026

Answers to the most common about conventional loans 2026 questions, written by licensed loan officers.

A conventional loan is a residential mortgage that is not insured by a federal agency (FHA, VA, or USDA). Most conventional loans in the United States are "conforming" — they meet the underwriting rules of Fannie Mae or Freddie Mac and fall at or under the FHFA-published conforming loan limit. Conventional loans that exceed that limit are called jumbo (non-conforming) loans.
Ask Sam AI

Ask SAM anything about mortgages

SAM is the Simply Approved Mortgages AI assistant. It answers general questions using the reviewed guides published on this site and links you to the primary government source. It is educational only — it does not quote a rate, payment, APR, approval or commitment to lend. A Simply Approved Mortgages Loan Officer reviews every scenario before any terms are confirmed.

Hi, I'm SAM — an AI assistant for Simply Approved Mortgages. I can explain loan programs, closing costs, DTI, down payments and which calculator or guide to use. I'm not a licensed loan officer, and nothing here is a quote, approval or commitment to lend.

SAM is an AI assistant — not a licensed loan officer, attorney, CPA or financial adviser. Answers are educational only, are not a quote, lock, offer or commitment to lend, and material loan terms must be reviewed by a Simply Approved Mortgages Loan Officer. Never share SSN/ITIN, date of birth, account numbers or passwords in chat. Residential mortgage loans are arranged in Florida and Colorado. Start My Approval.

Ask Sam AI provides general educational information only. 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. Never share a Social Security number, ITIN, date of birth, account number or password in chat. 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.

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FHA product library

Explore every FHA loan product and topic

Deep-dive references on each FHA program, insurance rule, waiting period, and qualifying calculator.

FHA Loans — Complete Guide

Every FHA program, requirement, and current rule in one place.

Read guide →

FHA 203(b) Purchase

The standard 3.5%-down FHA purchase loan.

Read guide →

FHA 203(k) Renovation

Buy + renovate in one FHA loan.

Read guide →

FHA Streamline Refinance

Faster refinance for existing FHA loans.

Read guide →

FHA Cash-Out Refinance

Tap equity up to 80% LTV.

Read guide →

FHA HECM Reverse Mortgage

HUD-insured reverse mortgage for age 62+.

Read guide →

FHA Loan Limits

County floor, ceiling, and how limits are set.

Read guide →

FHA Mortgage Insurance

UFMIP, Annual MIP, and payoff timing.

Read guide →

FHA Appraisal Requirements

HUD MPR standards and what appraisers check.

Read guide →

FHA Gift Funds

Who can gift, documentation, and the paper trail.

Read guide →

FHA DTI Calculator

Run your ratios against FHA benchmarks.

Read guide →

FHA vs Conventional

Compare total cost by credit tier.

Read guide →

FHA Waiting Periods

BK, foreclosure, and short-sale timelines.

Read guide →

How this page connects

Where this fits in the conventional and agency lending library

This page sits inside our Conventional and agency lending coverage.

What most readers open next

Explore the full guide

Keep reading — the rest of the buying playbook

Each of these is a deep-dive on one piece of the purchase mortgage process. Bookmark whichever you need next.

Guide

FHA vs Conventional Loans

Side-by-side comparison — pricing, PMI, credit, and DTI.

Read the guide →

Guide

2026 Conforming Loan Limits

FHFA baseline and county-level high-cost limits.

Read the guide →

Guide

Purchase Mortgages — Complete Guide

Every purchase program compared in one place.

Read the guide →

Guide

Mortgage Pre-Approval

Written pre-approval before you shop.

Read the guide →

Guide

Document Checklist

What to gather for underwriting.

Read the guide →

Guide

Affordability Calculator

Model PITI + PMI on your scenario.

Read the guide →

Guide

Closing Costs Explained

Every line on the Loan Estimate.

Read the guide →

By state and city

Conventional Conforming Loans by State, City, and County

County loan limits, property taxes, insurance costs, and market conditions change what this program looks like locally. Pick your market for the version written for it. Simply Approved Mortgages LLC arranges residential mortgage loans in Florida and Colorado.

Florida

Conventional Conforming Loans in Florida

Cities

Counties

Colorado

Conventional Conforming Loans in Colorado

Cities

Counties

Internal library

Related mortgage guides across our library

Follow the next relevant guide for your scenario.

Purchase mortgages

Buying a home

Calculators & references

Tools & data

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Home Value Report
Check Your Credit
Mortgage Calculator
Home Affordability Calculator
Pay for my Credit Report
Mortgage Document Checklist
Down Payment Assistance
Native American Home Loans
FHA Loan Limits
See Today's Rates
Refinance Guide
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Conventional loan

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The form below is tailored to Conventional loan — only the questions and documents your program needs.

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Encrypted connection (HTTPS) NMLS# 2620881 Equal Housing Opportunity

Simply Approved Mortgages LLC is licensed to arrange 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.

Purchase price and down payment help us size the conforming loan.

What's your goal?
Purchase price$450,000
$
Down payment (10.0%)$45,000
$

A range is enough here — no credit report is pulled and your credit is not affected.

Estimated monthly payment at these numbers
$3,431

Illustrative estimate only — not a quote, rate lock, offer of credit, or commitment to lend.

Submitting this form is not an application for credit and is not a commitment to lend. No credit report is pulled at this step.

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Licensing & Disclosures

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Business Phone: (877) 813-7219

Equal Housing Opportunity

Broker identification. Simply Approved Mortgages LLC is a mortgage broker and is not a direct lender. We arrange residential mortgage loans with third-party wholesale lenders and do not make the lender's final credit decision or fund the loan. We arrange residential mortgage loans in Florida and Colorado. Business-purpose mortgage products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.

Credit and program terms. All loans are subject to lender credit approval, underwriting, acceptable appraisal or valuation when required, title review, insurance, and supporting documentation. Eligibility, programs, rates, APRs, points, lender credits, fees, payments, terms, loan amounts, down-payment requirements, mortgage insurance, and availability may vary based on borrower, property, occupancy, credit profile, loan-to-value ratio, debt-to-income ratio, lender, loan program, and state and may change without notice. Not all applicants, properties, products, or programs will qualify or be available in every state. Nothing on this site constitutes a loan approval, rate lock, offer, commitment to lend, guarantee of approval, or guarantee of terms or closing.

Rates, payments and calculators. Rates, APRs, payments, down payments, loan amounts, home values, estimated equity, savings, affordability estimates, closing costs, and other calculator or scenario results displayed on this site are estimates or illustrations unless expressly stated otherwise. Actual loan terms may differ. Taxes, homeowners insurance, mortgage insurance, association dues, lender charges, broker compensation, discount points, third-party charges, and other costs may apply. Advertised rates, payments, APRs, down payments, and other credit terms are subject to the assumptions and disclosures presented with the applicable advertisement. Applicable loan terms and disclosures will be provided as required for the particular transaction.

Mortgage products. FHA, VA, USDA, conventional, jumbo, non-QM, HELOC, reverse mortgage, down-payment-assistance, investment-property, DSCR, and other mortgage products referenced on this site are subject to their individual eligibility, underwriting, property, occupancy, and program requirements. Product availability varies by lender and jurisdiction. References to a mortgage product or program do not constitute a determination that a borrower or property qualifies.

Government-backed programs. Government-backed or government-insured mortgage programs referenced on this site may be subject to requirements established by the applicable government agency in addition to lender requirements. Government insurance or guaranties generally protect participating lenders against certain losses and do not constitute a guarantee of borrower approval.

Business-purpose products. DSCR, investment-property, and other business-purpose mortgage products referenced on this site are intended for qualifying business-purpose transactions. Business-purpose loans may be subject to different requirements and protections than consumer-purpose residential mortgage loans. Borrowers are responsible for accurately disclosing property occupancy and intended use.

Down payment assistance. Down payment or closing-cost assistance programs referenced on this site may be administered by governmental entities, housing finance agencies, nonprofit organizations, lenders, or other third parties. Program availability, funding, assistance amounts, eligibility requirements, repayment or forgiveness provisions, and other terms vary and may change or become unavailable without notice. Listing or referencing a program does not guarantee funding, eligibility, or mortgage approval.

Government affiliation. Simply Approved Mortgages LLC is not a government agency and is not affiliated with, acting on behalf of, sponsored by, or endorsed by HUD, FHA, VA, USDA, or any other federal, state, or local government agency. References to government agencies, programs, benefits, data, forms, or resources are provided for informational purposes and do not imply government sponsorship or endorsement of Simply Approved Mortgages LLC.

Fair lending. Equal Housing Opportunity. Simply Approved Mortgages LLC conducts business in accordance with applicable federal and state fair-housing and equal-credit-opportunity laws and does not discriminate on any prohibited basis.

No professional advice. Content on this site is educational and general in nature and is not legal, tax, accounting, financial, investment, estate-planning, or individualized government-benefits advice. Consumers should consult appropriate qualified professionals regarding their individual circumstances.

Third-party content. References or links to government agencies, lenders, assistance programs, products, services, or other third-party websites are provided for informational purposes or convenience. Simply Approved Mortgages LLC does not control and is not responsible for third-party content, availability, accuracy, or privacy practices.

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Simply Approved Mortgages LLC, 633 W 5th St, Ste 2600, Los Angeles, CA 90071 · 877-813-7219 · support@simplyapprovedmortgages.com. State licensing details available at the NMLS Consumer Access link above. © 2026 Simply Approved Mortgages LLC.

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