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Crypto Assets and Mortgage Qualifying: How Digital Holdings Are Documented
If part of your savings sits in cryptocurrency, this guide explains what underwriters can accept, why converting to dollars early matters, and the paperwork that keeps a closing on schedule.
Cryptocurrency itself is generally not accepted as funds to close. What lenders can usually work with is documented United States dollars: crypto sold through a recognized exchange, with the proceeds deposited into a verified bank account and a clear paper trail from the holding to the sale to the deposit. Holdings that stay in digital form are frequently excluded from reserves, and treatment varies by loan program and by lender.
- ✓Funds to close are documented in dollars, so crypto is normally converted before closing.
- ✓Expect to document the exchange, the sale, the transfer and the receiving bank account.
- ✓Digital holdings left unconverted are often excluded from reserves.
- ✓Selling can create a taxable event; that is a question for your tax adviser, not your lender.
- ✓Any product that lends against pledged crypto is lender specific and is not an agency program.
What this means for you: if crypto is funding your purchase, plan the sale and the deposit well before you apply, and keep every statement and trade confirmation.
Written by
Simply Approved Mortgages Team
Licensed Loan Officers · NMLS# 2620881
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Scenario summary
- Purchase price entered
- $412,000
- Down payment entered
- $20,600
- Estimated loan amount
- $391,400
- Estimated cash to close
- $14,300
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Sample layout with example figures — your own numbers replace these. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
Why lenders care about where money came from
Every dollar used for a down payment, closing costs or reserves has to be sourced. That requirement exists to confirm the funds are yours, that they are not an undisclosed loan, and that the transaction complies with anti-money-laundering obligations. Cryptocurrency is not treated with suspicion by default, but it does require a longer paper trail than a paycheck deposit because the asset originates outside the banking system.
Selling crypto for funds to close
The workable path in most files is a documented liquidation. That generally means selling through a recognized exchange that produces statements in your name, transferring the proceeds to a bank account you already use, and keeping the trade confirmation and transfer record. Underwriters want to follow the money from the digital holding to the closing table without a gap, so peer-to-peer sales, cash transactions and transfers between wallets with no statement history create problems.
Timing and seasoning
Converting early is usually easier than converting late. Funds that have been sitting in a documented bank account across a full statement period generally need less explanation than a large deposit that lands days before closing. If the deposit is recent, expect a written explanation plus the supporting exchange records.
Using crypto as reserves
Reserve requirements are met with documented, accessible funds. Cryptocurrency that has not been converted is frequently excluded from reserves, and where any credit is given, lenders commonly discount the value substantially because of price volatility. Do not assume a portfolio balance satisfies a reserve requirement; confirm the treatment for your specific program before you rely on it.
Selling versus pledging or borrowing against holdings
Some borrowers prefer not to sell. Products that lend against pledged digital assets do exist in the wider market, but they are individual lender and investor offerings rather than agency programs, their terms and collateral-call mechanics vary widely, and a loan taken against your holdings can itself appear as a liability in your mortgage file. Simply Approved Mortgages does not represent that any particular crypto-collateralized mortgage product is available; if you want that structure evaluated, ask a Simply Approved Mortgages Loan Officer what is actually placeable under current lender access before you plan around it.
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Conventional, Non-QM and investor considerations
On conventional financing, the asset question is about documented dollars and sourcing, not about the asset class you previously held. Non-QM asset-based programs may consider a broader range of documented holdings, but the eligibility rules, valuation haircuts and reserve expectations are set by the individual lender or investor and can change. Business-purpose financing such as DSCR is underwritten to the property and to separate business-purpose rules, and it does not change how consumer residential asset documentation works.
Risks to plan around
Price movement between application and closing can reduce the funds you expected to bring. Exchange withdrawal limits or account holds can delay a transfer at exactly the wrong moment. And a large sale can carry tax consequences that affect your cash position. Building a cushion, converting early, and confirming your withdrawal limits in advance address most of these.
Taxes are a question for your tax adviser
Selling or exchanging digital assets can be a taxable event, and the reporting rules for digital assets continue to evolve. Simply Approved Mortgages does not provide tax advice. Talk to a qualified tax professional about the consequences of a sale before you make one, and see the IRS digital assets guidance linked in the sources on this page.
Documents to gather
Plan on exchange account statements in your legal name covering the relevant period, trade confirmations for each sale, the transfer record showing funds moving into your bank account, and bank statements showing the deposit. If holdings moved between wallets or exchanges, keep records of those transfers as well.
Talk it through before you write an offer
Because treatment varies by program and lender, the fastest path is a short conversation with a Simply Approved Mortgages Loan Officer about how much of your position you intend to use, when you plan to convert, and which documents your exchange can produce.
This page is educational and does not state loan terms or tax advice. Eligibility, documentation requirements and program availability vary by borrower, property, lender and investor and are subject to underwriting approval. Not a quote, lock, offer, or commitment to lend.
Check where pricing sits before you decide
Review current rate context, then start a request so your own credit, income, and property details drive the numbers. Illustrative only — not a quote or commitment to lend.
How cryptocurrency can and cannot be used in a mortgage file
Crypto holdings are increasingly common on borrower balance sheets, but agency and investor guidance treats digital assets very differently from a bank statement. These are the rules that decide what counts.
| What it is | How it actually works | Published by |
|---|---|---|
| Not counted as income | Unrealized appreciation in a crypto holding is not income. Underwriting does not project future value or treat a wallet balance as a repayment stream. | Fannie Mae Selling Guide |
| Usable as an asset for reserves or down payment — after conversion | Digital currency may be used for down payment, closing costs, or reserves once it is converted to U.S. dollars and deposited into a verifiable account, subject to the same sourcing and seasoning review applied to any large deposit. | Fannie Mae Selling Guide |
| Large deposit scrutiny applies | A deposit into a bank account that coincides with a crypto conversion is treated like any other large deposit: the underwriter documents the source and confirms it is not an undisclosed loan. | Fannie Mae Selling Guide |
| Custodial account statements are not sufficient alone | A screenshot of an exchange balance does not establish ownership or value the way a bank or brokerage statement does; lenders generally require the conversion to fiat currency and a paper trail from wallet or exchange to bank. | Lender program guidelines (vary by investor) |
| Volatility is priced out, not in | Because crypto values can move sharply between application and closing, most lenders require the conversion be completed and seasoned before the funds are counted, rather than relying on a value as of a given date. | Lender program guidelines (vary by investor) |
| Business-purpose crypto lending is a separate product | Loans secured directly by pledged digital assets, without conversion, are a specialty non-QM or business-purpose product outside standard agency financing and are not the same transaction as using converted proceeds toward a home purchase. | Lender program guidelines (vary by investor) |
| Reporting exposure does not disappear | Gains realized on conversion may carry tax consequences reported to the IRS; documentation of the transaction should be retained for the borrower’s own tax reporting, independent of the mortgage file. | Internal Revenue Service, Instructions for Form 709 (gift tax) |
| Anti-money-laundering review | Large or unusual transfers from cryptocurrency exchanges may trigger additional review consistent with a lender’s Bank Secrecy Act and anti-money-laundering obligations. | Lender program guidelines (vary by investor) |
Program parameters above are published by the agencies and enterprises named in the right-hand column and can change. They describe program rules, not an offer; eligibility, terms, conditions, and availability vary by borrower, property, lender, loan program, and state, and all loans are subject to lender underwriting and approval.
Why a wallet balance is not a bank statement
Mortgage underwriting is built around evidence that is stable, verifiable, and attributable to a real party. A bank account has an institution behind it, a routing history, and federal deposit insurance up to applicable limits. A cryptocurrency wallet has none of those things in the same form: value can swing sharply within a single business day, ownership can be difficult to verify without cooperation from an exchange, and the asset itself is not the kind of collateral a conventional loan program was built to accept.
That is not a judgment about digital assets as an investment. It is a description of why the path into a mortgage file runs through conversion. Once crypto becomes dollars in a verifiable account, it is treated the same as proceeds from selling stock, a car, or any other asset — subject to the same documentation trail lenders require for any large deposit.
What a clean paper trail actually looks like
The strongest files show a continuous trail: a statement or transaction history from the exchange showing the sale of the asset, a transfer to a personal bank account in the borrower’s name, and a bank statement showing the deposit landing. Gaps in that chain — cash withdrawn and redeposited, transfers through a third party, or funds moved between multiple accounts before landing in the one used for closing — are exactly what triggers extended underwriting review or an outright inability to use the funds.
Borrowers planning to use crypto proceeds toward a purchase should convert and season the funds well before applying, not during underwriting, so the deposit has time to look ordinary rather than urgent.
How converted crypto proceeds are documented
These are the categories of evidence that typically move crypto-derived funds from "unverifiable balance" to "usable asset."
| Type of income or evidence | How it is documented | Why it works for this product |
|---|---|---|
| Exchange transaction history | Statement or downloadable history from the exchange showing the sale date, amount, and asset. | Establishes that the asset was actually liquidated rather than still held or borrowed against. |
| Transfer confirmation | Record showing funds moving from the exchange to a bank account in the borrower’s name. | Connects the sale to a specific, verifiable deposit rather than an unexplained cash infusion. |
| Bank statement showing the deposit | Statement covering the deposit date, with the source annotated or explained in a letter of explanation. | Underwriters treat any unexplained large deposit as a potential undisclosed liability until it is sourced. |
| Seasoning of the resulting balance | Statements showing the funds have rested in the account, generally for the period the program requires for asset seasoning. | Reduces the risk that the deposit reflects a short-term loan rather than the borrower’s own funds. |
Documentation requirements vary by lender, program, and file. The list above describes what underwriting commonly accepts, not a determination about your income or your approval.
Using crypto proceeds versus other funding sources
Crypto is one of several ways borrowers fund a purchase or reserves; each has a different documentation burden.
| Option | Usually the better choice when | What you give up |
|---|---|---|
| Converted crypto proceeds | The sale and transfer happened well before application and can be fully documented. | Requires the longest paper trail and the most lead time; last-minute conversions are the hardest to use. |
| Traditional brokerage liquidation | The account already reports to a custodian with standard statements. | Still subject to seasoning and sourcing review, though the documentation is more standardized. |
| Direct crypto-collateralized lending (no conversion) | The borrower wants to retain the asset and is pursuing a business-purpose or specialty product. | Outside standard consumer mortgage programs and carries its own custody and margin-call risk. |
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How this applies in Florida and Colorado
Florida. Florida's mortgage market includes a significant share of buyers relocating with proceeds from asset sales, including digital assets. Florida-licensed loan originators and lenders apply the same federal sourcing and seasoning standards described above; there is no state-specific carve-out for cryptocurrency in residential mortgage underwriting.
Colorado. Colorado's Front Range technology sector includes many borrowers with meaningful crypto holdings alongside traditional compensation. Colorado-licensed lenders apply the same conversion, sourcing, and seasoning requirements as anywhere else; state licensing oversight through the Colorado Division of Real Estate governs the originator, not the underwriting treatment of the asset itself.
Simply Approved Mortgages LLC arranges residential mortgage loans in Florida and Colorado, so the two applications above are the ones we can act on for a consumer file. Business-purpose loan products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.
How to bring crypto proceeds into a mortgage application cleanly
Sequence and lead time matter more than the size of the holding.
- Convert well before applying. Sell the position and let the resulting cash sit in a bank account for as long as the program’s seasoning period requires, rather than converting during underwriting.
- Gather the exchange records. Download the transaction history showing the sale and the transfer instruction to your bank.
- Match the deposit to the transfer. Keep the bank statement that shows the deposit landing so the amount and date tie directly to the exchange record.
- Write a letter of explanation if asked. A short, factual explanation of the sale and transfer speeds review far more than silence.
- Disclose it to your loan officer up front. Flagging crypto-derived funds early lets your Loan Officer set expectations on documentation and timing before it becomes a closing-week problem.
Mistakes that cost people money on this
- Converting crypto to cash the week of application instead of months ahead, triggering large-deposit scrutiny with no time to season it.
- Assuming a wallet balance or exchange screenshot counts as a verified asset the way a bank statement does.
- Moving funds through multiple accounts before the deposit used for closing, breaking the paper trail.
- Not disclosing the source of a large deposit and hoping it goes unnoticed.
- Ignoring the tax consequences of a conversion made specifically to fund a purchase.
- Assuming a lender will count unrealized crypto value as an asset without conversion.
Is this the right move for your situation?
The honest answer depends on the file. These are the patterns we see on both sides.
Usually a good fit when
- You plan far enough ahead to convert and season the proceeds before applying.
- You can produce a complete paper trail from exchange to bank.
- You are using the proceeds for a down payment, closing costs, or reserves rather than as ongoing income.
- You are comfortable with the tax reporting that may accompany the conversion.
Usually not the right move when
- You need to convert crypto the same week you close and have no time to season the funds.
- You want a lender to count wallet appreciation as qualifying income.
- You cannot produce records connecting the sale to the deposit used for closing.
- You are trying to use crypto as direct collateral inside a standard consumer mortgage program.
None of this is a determination about your file. A Simply Approved Mortgages Loan Officer can run your actual numbers and show you what your disclosures would say.
What you can do with this loan
Plan how and when to convert digital holdings into funds to close.
Assemble the exchange and bank records underwriting will request.
Understand why unconverted holdings are usually excluded from reserves.
Weigh selling against borrowing against a position.
Avoid a last-minute funding gap caused by price movement or withdrawal limits.
Pros & cons — honest tradeoffs
Pros — Pros & cons
- +Documented, converted proceeds are treated like any other sourced funds.
- +Recognized exchanges produce the statements underwriting needs.
- +Converting early removes most timing risk.
- +Non-QM asset paths may consider a broader set of documented holdings.
- +A clean paper trail keeps closing timelines predictable.
Cons / watch-outs — Pros & cons
- −Unconverted holdings are frequently excluded from reserves.
- −Peer-to-peer or undocumented transfers are difficult or impossible to source.
- −Price volatility can change your available funds before closing.
- −A sale may create tax consequences you need to plan for.
- −Crypto-collateralized products are lender specific and not universally available.
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.
Compensation difference on this illustration: $3,750.
How lower compensation can help you
When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.
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.
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.
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.
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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.
Worked example
How this loan actually works — a full example
A buyer intends to use proceeds from a digital-asset sale for the down payment on a primary residence and wants to know what underwriting will require.
Inputs
- Holding location
- Recognized exchange account in the buyer’s legal name
- Conversion timing (illustrative)
- Sold and deposited before application
- Documentation produced
- Statements, trade confirmation, transfer record, bank statement
Calculation
- 1Step 1The buyer sells through the exchange and downloads the trade confirmation.
- 2Step 2Proceeds are transferred to the buyer’s existing bank account, producing a transfer record.
- 3Step 3The deposit appears on a bank statement the underwriter can review alongside the exchange records.
- 4Step 4The underwriter sources the funds end to end, so no unexplained large deposit remains in the file.
In this illustrative scenario the converted proceeds are documented dollars by the time underwriting reviews the file. Requirements vary by loan program and lender, and this example is not a commitment to lend.
Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate.
Purchase market update
What buyers should know this month
30-Yr Fixed · national avg
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15-Yr Fixed · national avg
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2026 buying power
Conforming baseline: $832,750
FHA floor / ceiling: $541,287 – $1,249,125
Dollars, not tokens
Funds to close are documented in dollars through a verified bank account.
Convert early
Seasoned funds in a bank account raise fewer questions than a last-minute deposit.
Pledged-asset products vary
Borrowing against holdings is lender specific and is not an agency program.
Cost and payment tools
Run your payment, affordability, closing cost and refinance numbers
Monthly payment, affordability, closing costs, refinance break-even and early payoff, all on one screen. This page is not written for one state, so property tax, insurance and transfer or recording charges start at neutral placeholder assumptions rather than published averages — Transfer, documentary-stamp and recording charges are set by your state and county — enter your own figure, or open the state page for a sourced seed. Insurance and tax assumptions vary widely by state, county and property, so replace these starting values with quotes for your address. Every figure is an illustrative estimate, not a quote, lock, offer, approval, or commitment to lend.
Your inputs
Estimated result
- Down payment
- $20,000
- Loan amount
- $380,000
- Principal & interest
- $2,402
- Property tax
- $333/mo
- Homeowners insurance
- $167/mo
- Estimated total monthly
- $2,902/mo
Reference sources: Tax Foundation — property taxes paid as a percentage of owner-occupied housing value, NAIC — Homeowners Insurance Report, CFPB — Understanding your Loan Estimate.
Assumptions, methodology, and limitations
Principal and interest use the standard amortization formula on the loan amount you enter. This page does not target a single state, so the property tax and insurance fields start at neutral placeholder assumptions rather than published averages — replace them with figures for your own address, or open the matching state page for sourced seeds. Closing costs apply your state's transfer / documentary-stamp practice (0.00% of price used as the buyer-side seed) plus typical title, recording, appraisal, credit and prepaid escrow lines. Refinance break-even divides your entered costs by the monthly payment difference. Early payoff runs a month-by-month amortization with your extra principal.
These tools do not include mortgage insurance, funding or guarantee fees, HOA special assessments, flood or windstorm premiums, seller credits, lender credits, discount points, or county and municipal charges specific to your parcel. Statewide averages will not match any individual property. Figures are estimates only.
Illustrative only. Binding figures appear on your Loan Estimate, and terms vary by borrower, property, lender, program, and state.
Turn these estimates into real numbers
Send your scenario to a Simply Approved Mortgages Loan Officer and get a written summary back, or compare where rates sit today. Educational only — not a quote, lock, offer, approval, or commitment to lend.
Crypto assets and mortgage qualifying FAQs
Answers to the most common crypto assets and mortgage qualifying questions, written by licensed loan officers.
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.
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.
Sources & Citations
- IRS — Digital Assets
- CFPB — Owning a Home: preparing funds to close
- Investor.gov (SEC) — Crypto Assets
- Fannie Mae — Selling Guide: Sourcing of Funds — Documentation of large deposits and asset sourcing.
- Freddie Mac — Single-Family Seller/Servicer Guide — Asset verification requirements.
- Internal Revenue Service — Instructions for Form 709 — Gift and asset transfer tax reporting.
- Consumer Financial Protection Bureau — Consumer Financial Protection Bureau, owning a home resources — General mortgage documentation guidance.
Sources: government and agency publications listed above. Simply Approved Mortgages LLC is not affiliated with, endorsed by, or sponsored by HUD, FHA, VA, USDA, or any government agency. Program rules change; the published source text governs.
Trusted government resources
These independent government resources can help you research mortgage programs, rates, and your rights before you apply.
IRS
IRS — Digital Assets guidance
SEC
Investor.gov (SEC) — Crypto Assets
CFPB
CFPB — Owning a Home guide
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.
How this page connects
Where this fits in the mortgage library library
This page sits inside our Mortgage library coverage.
What most readers open next
- Every loan program we arrangeBecause to see which program this topic applies to.
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- Getting pre-approvedBecause the next step once the reading is done.
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
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The full list of documents typically requested.
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Jumbo Loans
Higher loan amounts with stricter asset and reserve expectations.
Read the guide →Guide
Down Payment Gift Letters
How gifted funds are documented, which is a similar sourcing standard to converted asset proceeds.
Read the guide →Guide
DSCR Loans
An investment property option for borrowers whose wealth is concentrated in non-traditional assets.
Read the guide →Guide
Earnest Money Deposits
How deposit funds toward a purchase get sourced and documented.
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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.
NMLS Consumer Access: Verify Simply Approved Mortgages LLC, NMLS #2620881.
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.