Published Last updated
Data Sources & Methodology
Every figure, limit, and rate range on this site traces back to a primary government or industry source. Here is exactly where the numbers come from, how often we review them, and how to report an error.
We source mortgage data from primary agencies only: HUD and HUD USER, FHFA, VA, USDA, CFPB, FRED, Freddie Mac PMMS, the Census Bureau, and the IRS. Pages are reviewed on a regular cadence and updated when an agency publishes new figures, such as annual loan limit or income limit resets. We never publish invented statistics, and every external citation links directly to the source document.
- ✓All statistics and limits are sourced from named government agencies or established industry surveys.
- ✓Loan limits, income limits, and program rules are checked against the current calendar-year release.
- ✓Rate figures are illustrative ranges tied to public survey data, not personalized quotes.
- ✓Pages carry a "last reviewed" date and, where relevant, a visible source panel with direct links.
- ✓You can report a suspected error using the contact process described below, and we will verify and correct it.
What this means for you: any number you read on this site can be traced to a named government or industry source, not an internal estimate.
Written by
Simply Approved Mortgages Team
Licensed Loan Officers · NMLS# 2620881
Get your personalized scenario summary
Complete the short request and a Simply Approved Mortgages Loan Officer sends back a written summary built from your own numbers: estimated payment breakdown, estimated cash to close, the loan structures that fit your file, and what documentation the file will need.
- Estimated monthly payment with taxes and insurance
- Estimated cash to close for your scenario
- Loan options your profile may fit
- Document checklist for your file
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.
Our sourcing standard
Simply Approved Mortgages LLC (NMLS# 2620881) publishes educational mortgage content for consumers in Florida and Colorado, the only states where we are licensed to originate loans. Because this content informs real financial decisions, we hold it to a strict sourcing standard: every statistic, loan limit, income limit, or historical rate figure must trace to a named primary source — a federal agency, a state housing finance agency, or an established industry data provider such as Freddie Mac's Primary Mortgage Market Survey. We do not publish invented statistics, made-up customer counts, or estimated figures presented as fact.
Where our data comes from
The core sources behind this site's content include the U.S. Department of Housing and Urban Development (HUD) and its research arm HUD USER for Fair Market Rents and income limits; the Federal Housing Finance Agency (FHFA) for conforming loan limits and house price data; the Department of Veterans Affairs for VA loan program rules; the USDA Rural Development program office for USDA loan eligibility; the Consumer Financial Protection Bureau (CFPB) for disclosure and process rules such as the Loan Estimate and Closing Disclosure; the Federal Reserve Bank of St. Louis's FRED database and Freddie Mac's PMMS for historical rate series; the U.S. Census Bureau's American Community Survey for household income and housing data; and the Internal Revenue Service (IRS) for tax treatment of mortgage interest and closing costs.
How limits and figures are kept current
Federal loan limits, HUD income limits, and VA funding fee schedules are set annually. When an agency publishes a new calendar-year figure, we update every page referencing that figure and refresh the page's last-reviewed date. Between annual resets, we periodically re-check pages against the live agency source to confirm nothing has changed. Rate figures shown as illustrative examples are explicitly labeled as such and are never presented as a live, lockable quote — those come only from a Loan Estimate issued during an actual application.
Want these numbers built around your file?
A short request is all it takes to get a written scenario summary back from a Simply Approved Mortgages Loan Officer. Binding figures appear on your Loan Estimate.
Review cadence
Content pages display a "last reviewed" indicator. High-sensitivity pages — loan limits, income limits, program eligibility, and compliance-adjacent topics — are checked on a more frequent cadence than general educational content, because these are the figures most likely to change with an agency's annual cycle. Pages tied to a specific calendar year are updated using a shared date utility so the displayed year always reflects the current year rather than a hardcoded one.
What we do not do
We do not cite unnamed "studies," fabricate review counts or awards, or present a single lender's marketing figures as an industry-wide statistic. We do not use absolute outcome or approval-certainty language of any kind, and we do not name specific lenders, investors, or wholesale partners in consumer-facing content. Where a figure is uncertain or a program's funding status can change quickly — such as state down payment assistance allocations — we say so explicitly rather than implying certainty.
Corrections process
If you believe a figure on this site is outdated or incorrect, contact us through the site's contact form or call the number in our footer, and identify the specific page and figure in question. We will verify the claim against the current primary source and correct the page if warranted, updating the last-reviewed date at the same time. This process applies to all published pages, including calculators, state guides, and program overviews.
Rates, payments, and figures referenced across this site are illustrative and not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate.
What you can do with this loan
Verify where a specific statistic or limit on this site originated.
Check how recently a page was reviewed for accuracy.
Find the direct government link behind a cited figure.
Report a suspected outdated or incorrect figure.
Understand why rate figures shown here are illustrative, not quotes.
Pros & cons — honest tradeoffs
Pros — Pros & cons
- +Every external citation links to the primary source, not a secondary summary.
- +Loan limits and income limits are checked against the current calendar-year release.
- +A visible last-reviewed date is shown on content pages.
- +A clear corrections process exists for reporting errors.
- +No invented statistics, reviews, or awards appear anywhere on the site.
Cons / watch-outs — Pros & cons
- −Some agency data (like state DPA funding status) can change faster than our review cadence.
- −Historical rate series are averages and will not match any individual borrower's quote.
- −Illustrative figures are not a substitute for your actual Loan Estimate.
- −Some programs require direct verification with the administering agency for the most current terms.
- −We are licensed only in Florida and Colorado, so state-specific figures for other states are for informational reference only.
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.
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.
Talk through your scenario today
A Simply Approved Mortgages Loan Officer can confirm which of these paths actually fits your credit, income, and property. Educational only, no obligation.
Primary sources only
HUD, FHFA, VA, USDA, CFPB, FRED, Freddie Mac PMMS, Census, and IRS.
Annual limit resets tracked
Loan limits, income limits, and fee schedules are updated when agencies publish new figures.
Transparent corrections process
Report a suspected error and we will verify it against the primary source.
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.
Data sources and methodology FAQs
Answers to the most common data sources and methodology 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.
Trusted government resources
These independent government resources can help you research mortgage programs, rates, and your rights before you apply.
HUD USER
HUD USER — Data Sets
FHFA
FHFA — Conforming Loan Limit Values
CFPB
CFPB — Owning a Home
Federal Reserve Bank of St. Louis
FRED — Mortgage Rate Series
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.
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
Mortgage Glossary
Plain-language definitions for common mortgage terms.
Read the guide →Guide
Today's Rates
Illustrative current rate ranges by loan type.
Read the guide →Guide
Conforming Loan Limits
Current FHFA baseline and high-cost limits.
Read the guide →Guide
FHA Loan Limits
Current FHA floor and ceiling limits.
Read the guide →Guide
Mortgage FAQ Hub
Answers to the most common mortgage questions.
Read the guide →Guide
About Simply Approved Mortgages
Who we are and where we are licensed.
Read the guide →Internal library
Related mortgage guides across our library
Follow the next relevant guide for your scenario.
Purchase mortgages
Buying a home
Start My Approval
Complete this short request and a Simply Approved Mortgages Loan Officer will personally review your scenario. The form only asks what your program actually needs. Submitting it is not an application for credit and is not a commitment to lend.
What are you looking to do?
Pick one — the form adapts.Pick a loan type
Programs for buying a home.Conventional loan — 3–20% down · 620+ FICO
Tell us about your scenario
The form below is tailored to Conventional loan — only the questions and documents your program needs.
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.
A range is enough here — no credit report is pulled and your credit is not affected.
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.
Follow our reporting
Add Simply Approved Mortgages as a preferred source on Google
We update these guides as HUD, FHFA, VA, USDA and CFPB publish new figures. If you want our updates to show up more often when you search Google, you can mark us as a preferred source from the Top Stories carousel:
- 1Sign in to your Google account and search a mortgage topic such as "mortgage rates".
- 2Select the icon next to "Top stories" to open the preferred sources panel.
- 3Search for Simply Approved Mortgages, tick the box, and save.
Preferred sources is a Google Search feature controlled entirely by you and by Google. Simply Approved Mortgages LLC (NMLS #2620881) does not control search results and makes no representation about how or whether our content will appear. Educational content only — not a quote, lock, offer, or commitment to lend.
Simplify Your Mortgage Journey with These Resources
Talk To A Loan Officer
A Simply Approved Mortgages Loan Officer will personally connect with you to walk through your options.
Mortgage insights & guides
Plain-language articles to help you understand the home loan process, save on closing costs, and make confident decisions.
7 things every first-time homebuyer should know before applying
From credit prep to down payment assistance, here’s how to walk into your first mortgage application with confidence.
Using your VA loan benefit: a step-by-step guide
Eligibility, the Certificate of Eligibility, funding fees, and how to maximize zero-down purchasing power.
Where your closing costs actually go (and where you can save)
A line-by-line breakdown of the Loan Estimate and the fees that are negotiable versus fixed.
Equal Housing OpportunityMortgage Broker — Not a LenderNMLS ID# 2620881NMLS Consumer AccessFlorida Mortgage Broker License #MBR7685Colorado Mortgage Company RegistrationLicensing & Disclosures
Simply Approved Mortgages LLC | NMLS #2620881
Florida Branch Office (Miami, FL) | Branch NMLS #2688012
Florida Mortgage Broker License #MBR7685 | Colorado Mortgage Company Registration
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.
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.