Published Last updated
Low Down Payment Mortgage Options Compared
FHA, VA, USDA, and low-down-payment conventional programs each offer a path to homeownership without a full 20% down payment — here is how they compare.
Buyers without 20% down have several paths: FHA loans with a low minimum down payment, VA loans with no down payment requirement for eligible veterans and service members, USDA loans with no down payment on eligible rural and some suburban properties, and conventional programs allowing as little as 3% down for qualifying borrowers. Mortgage insurance, eligibility, and property rules differ by program.
- ✓FHA loans generally allow a minimum down payment of 3.5% with qualifying credit.
- ✓VA loans are generally available with no down payment for eligible veterans and service members.
- ✓USDA loans generally require no down payment for eligible rural and some suburban properties.
- ✓Some conventional loan programs allow down payments as low as 3% for qualifying borrowers.
- ✓Lower down payments generally mean added mortgage insurance costs, whether PMI or MIP.
What this means for you: the right low-down-payment option depends on your military service, the property location, and your credit and income profile, not just the down payment amount alone.
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.
Why 20% down is not required to buy a home
Many buyers assume a 20% down payment is required to get a mortgage, but that figure is really the threshold most commonly associated with avoiding private mortgage insurance on a conventional loan. Several loan programs are specifically designed to make homeownership accessible with a much smaller down payment, or in some cases none at all, depending on eligibility.
FHA loans and their low down payment structure
FHA loans, insured by the Federal Housing Administration, generally allow a minimum down payment of 3.5% for borrowers who meet the required credit score threshold. FHA loans require an upfront and annual mortgage insurance premium, known as MIP, which is structured differently than conventional PMI and can remain for a longer period depending on the loan's down payment and term.
VA loans for eligible veterans and service members
VA loans, guaranteed by the Department of Veterans Affairs, are generally available with no down payment requirement for eligible veterans, active-duty service members, and certain surviving spouses. VA loans do not require monthly mortgage insurance, though they generally include a funding fee, which can vary based on factors like down payment amount and whether the loan is a first or subsequent use of the benefit.
USDA loans for eligible rural and suburban properties
USDA guaranteed loans are generally available with no down payment requirement for properties located in eligible rural and some suburban areas, and for borrowers who meet household income limits set for the program. USDA loans include an upfront guarantee fee and an annual fee, which functions similarly to mortgage insurance, and eligibility depends heavily on the specific property's location.
Low-down-payment conventional loan programs
Certain conventional loan programs allow down payments as low as 3% for qualifying borrowers, often first-time buyers, subject to income limits or other program-specific requirements depending on the investor. These loans require PMI when the down payment is below 20%, but PMI can generally be cancelled once sufficient equity is reached, unlike FHA's MIP in some scenarios.
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.
Comparing mortgage insurance across these options
Every low-down-payment path involves some form of added cost to offset the increased risk of a smaller down payment, whether that is PMI on a conventional loan, MIP on an FHA loan, or a funding fee or guarantee fee on VA and USDA loans. Comparing these costs, not just the down payment percentage, is essential to understanding the true monthly and long-term cost of each option.
Down payment assistance programs
In addition to these loan types, various state, local, and employer-sponsored down payment assistance programs may help cover part or all of a required down payment or closing costs, depending on eligibility, and can sometimes be layered with FHA or conventional financing to further reduce the cash needed at closing.
Weighing property type and long-term plans
Beyond the down payment itself, consider how each program's occupancy requirements, property eligibility rules, and mortgage insurance duration fit your long-term plans. A VA-eligible borrower buying in a USDA-eligible area, for example, may have multiple no-down-payment paths to compare directly against each other.
How a Simply Approved Mortgages Loan Officer helps
A Simply Approved Mortgages Loan Officer can review your eligibility for FHA, VA, USDA, and low-down-payment conventional programs side by side, including estimated mortgage insurance costs, to help you understand which option best fits your situation before you make an offer.
Down payment percentages, fees, and cost comparisons described here are general and illustrative; not a quote, lock, offer, or commitment to lend. Actual program terms and eligibility depend on current guidelines and your full file.
How the major low-down-payment programs actually differ
Several programs allow a small down payment, but each ties that flexibility to different mortgage insurance, income, and property rules.
| What it is | How it actually works | Published by |
|---|---|---|
| Conventional 3% down programs | Fannie Mae’s HomeReady and Freddie Mac’s Home Possible allow a minimum down payment as low as 3% for eligible borrowers, subject to income limits tied to area median income in many cases. | Fannie Mae Selling Guide |
| Standard conventional minimum | Outside a dedicated affordable-lending program, standard conventional financing typically allows a minimum down payment around 3% to 5% depending on occupancy, property type, and borrower profile. | Freddie Mac Single-Family Seller/Servicer Guide |
| FHA minimum down payment | FHA-insured loans allow a minimum down payment of 3.5% for borrowers meeting FHA’s minimum credit score threshold for that down payment level, per HUD guidelines. | U.S. Department of Housing and Urban Development, Handbook 4000.1 |
| VA zero down payment | VA-guaranteed loans do not require a down payment for eligible veterans, service members, and certain surviving spouses, subject to entitlement and loan limit calculations. | U.S. Department of Veterans Affairs, Lender’s Handbook M26-7 |
| USDA zero down payment | USDA Rural Development guaranteed loans require no down payment for eligible borrowers purchasing in USDA-eligible rural areas within published household income limits. | U.S. Department of Agriculture, HB-1-3555 |
| Private mortgage insurance on low-down conventional loans | A conventional loan with less than 20% down generally requires private mortgage insurance, which can be cancelled once the loan reaches specific equity thresholds under the Homeowners Protection Act. | Federal Housing Finance Agency |
| FHA mortgage insurance premium structure | FHA loans carry both an upfront mortgage insurance premium and an ongoing annual premium, with cancellation rules that differ from conventional PMI and depend on the loan’s down payment and term. | U.S. Department of Housing and Urban Development, Handbook 4000.1 |
| Gift funds and down payment assistance layering | Most low-down-payment programs allow all or a portion of the down payment to come from gift funds or an eligible down payment assistance program, subject to documentation and source verification rules. | Fannie Mae Selling Guide |
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.
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.
Low down payment does not mean low cost overall
Each low-down-payment path trades the smaller upfront requirement for a different ongoing cost or eligibility condition. Conventional programs at 3% to 5% down carry private mortgage insurance until sufficient equity accrues. FHA’s 3.5% down option carries mortgage insurance with different cancellation rules that can, in some cases, last the life of the loan. VA and USDA avoid a down payment and traditional monthly mortgage insurance but layer in a funding or guarantee fee, and both come with eligibility conditions — military service history for VA, income and property location limits for USDA — that not every borrower can meet. None of these is universally cheaper; the right comparison runs the actual math on your specific file across programs you are eligible for.
Why income and property limits matter more than the headline percentage
HomeReady and Home Possible advertise attractive down payment minimums but restrict eligibility to borrowers under a specific area median income threshold in many markets, which varies by location. USDA’s zero-down option requires both an eligible rural or exurban property location under USDA’s current maps and household income under a published limit. A borrower comparing options purely on the down payment percentage without checking whether they meet these underlying eligibility conditions can waste time chasing a program they do not actually qualify for.
The credit score and reserve trade-off behind a low down payment
Lower down payment options generally come with more attention paid to credit score and reserves, since the lender’s cushion against a decline in property value is thinner with less equity at closing. FHA is more flexible on credit score than most conventional low-down programs, which is part of why it remains a common path for borrowers rebuilding credit. A borrower with a strong credit profile and modest savings may find a conventional 3% down program with PMI ultimately cheaper over time than FHA’s insurance structure, even though FHA’s minimum down payment is similar — again, a reason to run the actual comparison rather than assume one program is categorically better.
Income documentation across low-down-payment programs
Documentation standards are broadly similar across programs, but income limits apply differently depending on the specific option.
| Type of income or evidence | How it is documented | Why it works for this product |
|---|---|---|
| W-2 employment income | Recent paystubs, W-2s, and, where required by the specific program, verification against an area median income limit. | This is the most common qualifying income type across all the programs listed here. |
| Self-employed income | Two years of tax returns and supporting schedules, averaged per standard underwriting guidelines. | Self-employed borrowers can use any of these programs but face closer scrutiny of income stability. |
| Non-occupant co-borrower or boarder income (program-specific) | Additional documentation depending on the specific conventional affordable program’s allowances. | Some low-down-payment programs specifically permit these income sources to help a borrower qualify. |
| Gift funds for the down payment | A signed gift letter and evidence of the donor’s ability to gift the funds, plus a documented transfer. | Nearly every low-down-payment program allows gift funds to cover some or all of the down payment when properly documented. |
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.
Comparing the major low-down-payment paths
Each program fits a different eligibility profile; matching the right one to your situation matters more than the headline percentage.
| Option | Usually the better choice when | What you give up |
|---|---|---|
| HomeReady / Home Possible (3% down) | Your household income falls under the applicable area median income limit and you want conventional PMI that cancels with equity. | Income limits restrict eligibility, and mortgage insurance still applies until sufficient equity accrues. |
| FHA (3.5% down) | Your credit profile is still developing or you want more underwriting flexibility. | FHA mortgage insurance cancellation rules are less favorable than conventional PMI in many scenarios. |
| VA (0% down) | You are an eligible veteran, service member, or qualifying surviving spouse. | Eligibility is limited to those with qualifying service, and a funding fee applies in most cases. |
| USDA (0% down) | The property is in a USDA-eligible area and household income is under the published limit. | Property location and income eligibility significantly narrow who can use this option. |
Get a written summary of your options
Tell us the scenario you are working on and a Simply Approved Mortgages Loan Officer reviews it against real program guidelines, with no obligation.
A worked example: comparing upfront cash across three paths
Illustrative only, not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Figures are round numbers chosen to show the method.
On a $350,000 purchase price, a 3% down conventional program requires roughly $10,500 down before closing costs. An FHA loan at 3.5% down requires roughly $12,250 down before closing costs, plus an upfront mortgage insurance premium added to the loan amount. A VA-eligible borrower with full entitlement could purchase with no down payment, subject to a funding fee also typically financed into the loan. The cash-to-close difference between these paths can be significant, but so is the ongoing insurance or fee cost — which is why comparing total cost over an expected time in the home, not just cash at closing, is the more complete comparison.
Illustrative only. Figures are examples used to show the arithmetic and are not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate.
How this applies in Florida and Colorado
Florida. Florida borrowers evaluating low-down-payment options should factor in that Florida’s documentary stamp and intangible taxes, along with insurance costs, add to cash-to-close regardless of which loan program is chosen, so the down payment comparison should be run alongside a Florida-specific closing cost estimate, not in isolation.
Colorado. Colorado borrowers should check USDA eligibility carefully, since many Front Range suburbs have grown into ineligible metro areas over time while more rural and mountain-adjacent areas may still qualify; CHFA also offers its own low-down-payment first mortgage products that can be compared directly against HomeReady, Home Possible, and FHA.
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 choose among low-down-payment options
The process is about matching eligibility to program before comparing costs.
- Check military service eligibility for VA first. If you or a co-borrower has qualifying service, VA’s zero-down structure is worth evaluating before other options.
- Check the property location against USDA eligibility maps. If the property sits in a USDA-eligible area and household income qualifies, USDA is worth comparing.
- Check household income against area median income limits. This determines whether HomeReady or Home Possible are options at their most favorable terms.
- Compare FHA against the qualifying conventional options. Run FHA’s mortgage insurance structure against conventional PMI on the same loan amount and credit profile.
- Confirm gift fund or assistance program eligibility. Check whether your chosen program allows gift funds or layered down payment assistance to reduce cash needed.
- Run the full cost comparison, not just the down payment. Compare total monthly payment including mortgage insurance or fees across your eligible programs.
- Select the program and confirm documentation needs. Once chosen, confirm the specific documentation checklist for that program before submitting a full application.
Mistakes that cost people money on this
- Choosing a program based only on the down payment percentage without comparing total ongoing cost.
- Assuming income limits do not apply and later discovering ineligibility for HomeReady or Home Possible.
- Not checking USDA property eligibility maps before assuming a property qualifies.
- Overlooking VA eligibility for a qualifying veteran or surviving spouse who could avoid a down payment entirely.
- Underestimating FHA’s mortgage insurance cancellation rules compared to conventional PMI.
- Failing to properly document gift funds, which can delay or derail closing.
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 have limited savings for a down payment but stable qualifying income.
- You meet the income or eligibility conditions for at least one low-down-payment program.
- You are comparing total cost across programs rather than choosing on the down payment percentage alone.
Usually not the right move when
- You have substantial savings and would benefit more from a larger down payment to avoid mortgage insurance altogether.
- You do not meet the income, service, or property eligibility conditions for any of the low-down-payment programs.
- You are choosing a program based solely on a headline percentage without running the full cost comparison.
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
Compare FHA, VA, USDA, and low-down-payment conventional programs side by side.
Understand how mortgage insurance differs across these program types.
Determine whether your property location qualifies for USDA financing.
Check whether your military service history qualifies you for a VA loan.
Explore down payment assistance programs that could reduce cash needed at closing.
Pros & cons — honest tradeoffs
Pros — Pros & cons
- +Multiple loan programs make homeownership accessible without a full 20% down payment.
- +VA and USDA loans can eliminate the down payment requirement entirely for eligible borrowers.
- +FHA offers a relatively low down payment threshold with more flexible credit guidelines.
- +Conventional low-down-payment programs allow PMI to be removed once equity is built.
- +Down payment assistance programs can further reduce upfront cash needed.
Cons / watch-outs — Pros & cons
- −Lower down payments generally mean added mortgage insurance or fee costs.
- −FHA MIP can remain for the life of some loans depending on down payment and term.
- −VA and USDA eligibility is limited to specific borrowers and property locations.
- −Smaller down payments mean less initial equity cushion in the home.
- −Some low-down-payment conventional programs have income or first-time buyer restrictions.
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.
Worked example
How this loan actually works — a full example
A buyer compares the estimated down payment cash needed across three illustrative program types on the same purchase price.
Inputs
- Illustrative purchase price
- $350,000
- FHA illustrative down payment (3.5%)
- $12,250
- Conventional illustrative down payment (3%)
- $10,500
Calculation
- 1Step 1Buyer calculates 3.5% of $350,000 for an illustrative FHA down payment of $12,250.
- 2Step 2Buyer calculates 3% of $350,000 for an illustrative conventional down payment of $10,500.
- 3Step 3Buyer checks VA eligibility, which could reduce the down payment to $0 if eligible.
- 4Step 4Buyer compares each option’s associated mortgage insurance or fee structure alongside the down payment difference.
In this illustrative scenario, the lowest down payment is not automatically the lowest overall monthly cost once insurance and fees are factored in, which is why comparing full program terms matters.
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
—
Loading PMMS…
15-Yr Fixed · national avg
—
Loading PMMS…
2026 buying power
Conforming baseline: $832,750
FHA floor / ceiling: $541,287 – $1,249,125
You don’t need 20% down
FHA, VA, USDA, and some conventional programs allow far less down.
Compare the insurance cost
Each program uses a different structure to offset lower down payment risk.
Eligibility varies by program
Military service, property location, and income can all determine which options apply.
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.
Low down payment mortgage options FAQs
Answers to the most common low down payment mortgage options 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
- Fannie Mae — Fannie Mae HomeReady — Program eligibility and income limits.
- U.S. Department of Housing and Urban Development — HUD FHA down payment requirements — FHA minimum down payment and mortgage insurance rules.
- U.S. Department of Veterans Affairs — VA home loan eligibility — VA loan eligibility and entitlement.
- U.S. Department of Agriculture — USDA eligibility maps — Property and income eligibility for USDA loans.
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.
HUD
HUD — FHA Loan Requirements
VA
VA — Home Loans
USDA
USDA Rural Development — Single Family Housing Guaranteed Loan Program
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 conventional and agency lending library
This page sits inside our Conventional and agency lending coverage.
What most readers open next
- The conventional loan guideBecause the agency rules these options sit inside.
- Conforming loan limitsBecause the ceiling that separates conforming from jumbo.
- FHA versus conventionalBecause the comparison most buyers actually need.
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 Loans
Learn more about FHA’s low down payment structure.
Read the guide →Guide
VA Loans
Explore VA loan eligibility and benefits.
Read the guide →Guide
USDA Loans
Check property and income eligibility for USDA financing.
Read the guide →Guide
One Percent Down Mortgage
A specific low-down-payment conventional program option.
Read the guide →Guide
Down Payment Assistance
Programs that can further reduce cash needed at closing.
Read the guide →Guide
Private Mortgage Insurance
Understand the added cost that often comes with a low down payment.
Read the guide →Guide
First-Time Home Buyer
A broader guide to buying your first home.
Read the guide →Guide
1% Down Mortgage Programs
An even lower entry point some lenders offer through lender-paid assistance.
Read the guide →Guide
HomeReady Loan
A closer look at Fannie Mae’s 3% down affordable lending program.
Read the guide →Guide
Down Payment Calculator
Run the numbers across different down payment scenarios.
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.