Loan Options by Program, State, County and City

How this loan option directory is organized

Every loan option below has three levels. The national page explains the program itself: how it is underwritten, what it requires, and where it fits. The Florida and Colorado pages apply that program to the state we are licensed in, including the state taxes, insurance realities, and closing practice that change the qualifying math. The city and county pages go one level further, into the local loan limits, market conditions, and property issues that decide individual files.

Simply Approved Mortgages LLC is a mortgage broker, not a direct lender. We arrange residential mortgage loans in Florida and Colorado. Business-purpose loan products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.

Government-backed loan options

• FHA home loans — An FHA loan is a mortgage insured by the Federal Housing Administration that allows a 3.5% minimum down payment at a 580 or higher credit score, with both an upfront and an annual mortgage insurance premium built into the program. Florida · Colorado
• VA home loans — A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs for eligible service members, veterans, and surviving spouses that allows zero down payment with no monthly mortgage insurance. Florida · Colorado
• USDA Rural Development home loans — A USDA Single Family Housing Guaranteed loan is a zero-down mortgage for moderate-income households buying a primary residence in a USDA-eligible rural area, subject to published household income limits and a property eligibility map. Florida · Colorado

Conventional & jumbo loan options

• conventional conforming loans — A conventional conforming loan is a mortgage that meets Fannie Mae or Freddie Mac guidelines and stays at or below the FHFA conforming loan limit for the county, with private mortgage insurance required above 80% loan-to-value and cancellable later. Florida · Colorado
• jumbo mortgages — A jumbo loan is a mortgage above the FHFA conforming loan limit for the county, underwritten to investor guidelines that typically require stronger credit, larger reserves, and full documentation. Florida · Colorado
• second home and vacation property mortgages — A second home loan is conventional or jumbo financing for a property you will occupy part of the year and keep available for your own use. Fannie Mae and Freddie Mac treat second home as its own occupancy class with its own price adjustments, and the occupancy you certify at closing is a term of the note, not a label. Florida · Colorado

Home equity loan options

• home equity lines of credit — A HELOC is a revolving line of credit secured by your home, with a draw period during which you can borrow and repay repeatedly, followed by a repayment period; the rate is usually variable and tied to an index. Florida · Colorado
• fixed-rate home equity loans — A home equity loan is a fixed-rate second mortgage that pays out a single lump sum and amortizes over a set term, leaving your existing first mortgage in place. Florida · Colorado
• second mortgages and junior liens — A second mortgage is any loan secured by a junior lien on a property that already has a first mortgage, structured either as a fixed-rate closed-end loan or as a revolving line of credit. Florida · Colorado

Specialty loan options

• reverse mortgages (HECM) — A reverse mortgage, most commonly an FHA-insured Home Equity Conversion Mortgage, lets a homeowner age 62 or older convert equity into loan proceeds with no required monthly principal and interest payment, as long as they keep paying taxes, insurance, and maintenance and continue living in the home. Florida · Colorado
• physician and professional mortgages — A doctor or physician mortgage is a portfolio program for eligible medical and select professional occupations that allows low or no down payment without mortgage insurance and can use a signed employment contract as income before the first paycheck. Florida · Colorado
• foreign national mortgages — A foreign national loan finances U.S. property for a borrower who is not a U.S. citizen or permanent resident and who has no U.S. credit or tax filing history, using foreign income and credit references with a larger down payment. Florida · Colorado
• residential construction loans — A construction loan funds a home build in inspected draws during the build period, then either converts to permanent financing in a one-time-close structure or is refinanced at completion in a two-time-close structure. Florida · Colorado
• land and lot loans — A land or lot loan finances a parcel of raw or improved land, generally with a larger down payment, a shorter term, and stricter underwriting than a loan on an existing home, because vacant land is harder collateral to value and resell. Florida · Colorado
• manufactured and modular home loans — Manufactured home financing is available through FHA, VA, USDA, and conventional programs when the home is titled as real property, built to the HUD code after June 15, 1976, and permanently affixed to a foundation that meets HUD standards. Florida · Colorado
• non-warrantable condominium loans — A non-warrantable condo loan is a portfolio or Non-QM mortgage for a unit in a project that fails agency warrantability, commonly because of litigation, investor concentration, inadequate reserves, commercial space, or short-term rental operation. Florida · Colorado
• renovation and rehabilitation mortgages — A renovation loan finances the purchase or refinance of a home and the cost of repairing it under one mortgage, sized against the value the property is expected to have once the work is finished rather than its condition today. FHA publishes the 203(k) versions, Fannie Mae publishes HomeStyle Renovation, and Freddie Mac publishes CHOICERenovation. Florida · Colorado

Alternative documentation loan options

• ITIN home loans — An ITIN mortgage is a non-agency home loan for borrowers who file U.S. taxes with an Individual Taxpayer Identification Number instead of a Social Security number, underwritten with documented income, credit references, and a larger down payment than agency programs require. Florida · Colorado
• Non-QM mortgages — A Non-QM loan is a mortgage that does not meet the CFPB Qualified Mortgage definition, usually because income is documented with bank statements, assets, or rental cash flow rather than tax returns, while the lender still must satisfy the Ability-to-Repay rule. Florida · Colorado
• bank statement mortgages — A bank statement loan qualifies a self-employed borrower using 12 or 24 months of personal or business deposits instead of tax returns, applying an expense factor to deposits to arrive at qualifying income. Florida · Colorado
• 1099 income mortgages — A 1099 income loan qualifies independent contractors using one or two years of 1099 forms, with a program expense factor applied, instead of full tax returns with Schedule C deductions. Florida · Colorado
• profit-and-loss statement mortgages — A P&L only loan qualifies a self-employed borrower from a CPA, EA, or licensed tax preparer prepared profit-and-loss statement covering a recent period, sometimes with limited bank statement support. Florida · Colorado
• asset-based mortgages — An asset-based or asset-depletion mortgage converts verified liquid assets into a monthly qualifying income figure by dividing eligible assets over a program-defined number of months, without requiring employment income. Florida · Colorado
• self-employed home loans — Self-employed borrowers can use agency financing with two years of tax returns, or alternative documentation such as bank statements, 1099s, a CPA profit-and-loss statement, or asset depletion when returns understate real income. Florida · Colorado

Investor & business-purpose loan options

• DSCR rental property loans — A DSCR loan is a business-purpose investment property loan qualified on the property debt service coverage ratio, rent divided by the property PITIA payment, instead of the borrower personal income. Florida · Colorado
• investment property mortgages — Investment property financing includes conventional non-owner-occupied loans qualified on personal income and business-purpose loans qualified on rental cash flow, each with higher down payment and pricing than primary-residence financing. Florida · Colorado
• fix and flip bridge loans — A fix and flip loan is a short-term business-purpose loan that funds the purchase and a rehab budget in draws, underwritten primarily on the after-repair value and the investor project experience. Florida · Colorado

Why the state and local pages exist

Two borrowers with identical credit, income, and down payment can get different answers in different counties. Property tax rates, homeowners and windstorm insurance premiums, HOA and special-assessment activity, county loan limits, and program eligibility maps are all local facts, and each one feeds the payment used in the debt-to-income calculation. That is why we publish the local page instead of asking you to apply a national average to your own county.

Educational information for Florida and Colorado, not a quote, lock, offer, or commitment to lend. Eligibility, terms, conditions, and availability vary by borrower, property, lender, loan program, and state, and all loans are subject to lender underwriting and approval. Simply Approved Mortgages LLC, NMLS #2620881. Equal Housing Opportunity.