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The Complete 2026 Guide

Purchase Mortgages — Every Home Loan Program, One Roof

Compare every purchase mortgage in America — FHA, VA, USDA, Conventional, Jumbo, and Non-QM — by down payment, credit minimum, monthly cost, and who each home loan program actually fits — then get a pre-approval letter typically issued within ~24 hours of a complete file.*

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Quick answerSummary
  • ✓Most residential mortgage loans use our 1.50% lender-paid compensation model; specialty loan programs may vary
  • ✓8 major purchase programs — $0 down up to multi-million jumbo
  • ✓Pre-approval letters typically issued within ~24 hours of a complete file*
  • ✓Down payment assistance programs available in many states*
  • ✓Self-employed, 1099, and foreign-national programs available
  • ✓Simply Approved Mortgages LLC — NMLS# 2620881 · Equal Housing Opportunity
SA

Written by

Simply Approved Mortgages Team

Licensed Loan Officers · NMLS# 2620881

12 min read·Independently researched · No paid product placement

Pillar guide · 12 min read

The home loan you pick matters more than the rate you chase.

Buying a home is the single largest financial decision most Americans ever make. The wrong loan structure can cost you $15,000–$60,000 over the life of the mortgage. The right one cuts your down payment in half, locks in a payment you'll be glad you got, and gets you into the home before someone else writes a stronger offer.

This page is the single hub for every purchase mortgage Simply Approved Mortgages offers. Skim the program grid, drop into the deep-dives below, run the math against your scenario, then book a real conversation with a licensed loan officer. We use AI tools to move faster and stay organized, but every file is reviewed and handled by a licensed human.

Built by an experienced team of licensed loan officers and operations staff. Our in-house reference pages are reconciled live against the official sources every page load — see current FHA county loan limits, FHFA conforming loan limits, and VA funding fees. Source publications: HUD, FHFA, and VA.gov.

Why buyers choose us

~21 days
Typical close time on our recent purchase files*
~1.50%
Typical lender-paid compensation on many transactions; actual compensation varies
Wholesale
Direct access to multiple wholesale investors, shopped per file
~24 hrs*
Typical pre-approval turnaround on a complete file

Start here

What is a purchase mortgage?

A purchase mortgage is a home loan you use to buy a property — not to refinance one you already own. A lender (or a wholesale investor that a mortgage company like Simply Approved Mortgages and its licensed loan officers work with) advances the funds to the seller at closing, and you repay that loan in monthly principal-and-interest payments — typically over 15, 20, or 30 years. The home itself secures the loan: if you stop paying, the lender can foreclose. When the balance is paid off (or you sell), the lien is released and the property is fully yours.

Every purchase mortgage has four core moving parts: the loan amount (purchase price minus down payment), the interest rate (fixed or adjustable), the term (how long you have to pay it back), and the loan program (FHA, VA, USDA, Conventional, Jumbo, Doctor, DSCR, and others — each with different down-payment, credit, and property rules). Federal consumer-protection rules require lenders to give you a standardized Loan Estimate within three business days of application so you can compare offers apples-to-apples, and a Closing Disclosure at least three business days before signing.

A purchase mortgage is different from a refinance (which replaces an existing mortgage), a home-equity loan or HELOC (which borrows against equity in a home you already own), and a construction loan (which funds the building of a new home in draws). It is also different from pre-qualification and pre-approval: those are letters indicating what you could likely borrow — the actual purchase mortgage is the funded loan that buys the house. For unbiased background, see the CFPB "Owning a Home" guide and the FTC's "Shopping for a Mortgage" FAQs.

Purchase market update

What buyers should know this month

November 2026

30-Yr Fixed · national avg

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15-Yr Fixed · national avg

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Loading PMMS…

2026 buying power

Conforming baseline: $832,750
FHA floor / ceiling: $541,287 – $1,249,125

What it means for purchase buyers in November 2026: Conventional fixed rates move weekly with the bond market, so the number you see today is the national average — not your locked rate. Federal loan limits for 2026 are published by FHFA and HUD; high-cost counties carry higher caps. Page reviewed November 2026 (2026 program year). Sources: Freddie Mac PMMS, FHFA, HUD. Individual results vary.

Every program, side-by-side

Find your fit in 30 seconds

Each card shows the down payment, credit minimum, who it fits, plus the honest perks and trade-offs. Tap any card to go deep.

Program rules and limits are set by federal agencies and investors. Verify current terms at HUD, VA.gov, USDA RD, and FHFA. Simply Approved Mortgages is not affiliated with any government agency.

Government-insured

FHA Loan

Down

3.5%

Min FICO

580+

Rate

Market FHA pricing

Best for

First-time buyers, lower credit, higher DTI

Perks

  • +Down to 580 FICO (500 with 10% down)
  • +43% standard max DTI (stretch to ~56.99% with AUS + factors)
  • +Gift funds allowed for full down payment
  • +3.5% down on a 1–4 unit primary

Watch-outs

  • !MIP for life of loan when LTV > 90% (11 yrs if 10%+ down)
  • !County loan limits apply
  • !Property must meet FHA condition standards
FHA Loan details and requirements →Start a FHA Loan pre-approval →
Veterans & active duty

VA Loan

Down

$0

Min FICO

580+ (most lenders)

Rate

Competitive market pricing

Best for

Veterans, active duty, eligible surviving spouses

Perks

  • +$0 down with full entitlement (no VA loan limit since 2020 Blue Water Navy Act)
  • +No monthly PMI ever
  • +Seller can pay all closing costs, plus up to 4% in concessions
  • +Assumable by qualified buyers later

Watch-outs

  • !One-time VA funding fee (waived for disabled vets)
  • !Primary residence only
  • !Property must meet VA MPRs
VA Loan details and requirements →Start a VA Loan pre-approval →
Rural & suburban

USDA Loan

Down

$0

Min FICO

620+

Rate

Below conventional

Best for

Moderate-income buyers in eligible areas

Perks

  • +$0 down up to 100% LTV
  • +Reduced mortgage insurance vs FHA
  • +No loan limits — based on what you can afford

Watch-outs

  • !Property must be in USDA-eligible area
  • !Income capped at 115% of area median
  • !Primary residence only
USDA Loan details and requirements →Start a USDA Loan pre-approval →
Fannie & Freddie

Conventional

Down

3–20%

Min FICO

620+

Rate

Best at 740+

Best for

Buyers with 680+ credit and stable income

Perks

  • +PMI drops automatically at 78% LTV
  • +Wide property eligibility
  • +Available on 2nd homes & investment
  • +HomeReady/Home Possible discount for moderate income

Watch-outs

  • !Stricter credit and DTI standards
  • !PMI required under 20% down
  • !Loan limits apply (conforming)
Conventional details and requirements →Start a Conventional pre-approval →
High-balance

Jumbo Loan

Down

10–20%

Min FICO

700+

Rate

Tightly priced for strong borrowers

Best for

Loan amounts above the conforming limit

Perks

  • +Finance high-value homes in one loan
  • +Competitive rates for 720+ buyers
  • +Interest-only options on select programs
  • +Available on 2nd homes & investment

Watch-outs

  • !Heavier reserves required (often 6–12 months)
  • !Tighter appraisal review
  • !Higher down payment than conforming
Jumbo Loan details and requirements →Start a Jumbo Loan pre-approval →
White-coat program

Doctor / Professional

Down

0–10%

Min FICO

700+

Rate

Conventional-grade

Best for

MDs, DOs, DDS, DVMs, attorneys, CPAs, PharmDs

Perks

  • +Up to 100% financing on select programs
  • +Student loan debt treated favorably (IBR payment or, in some programs, excluded)
  • +Reduced or no PMI even with low down
  • +Future income / employment contracts may be used to qualify

Watch-outs

  • !Eligible degree required
  • !Loan limits vary by investor
  • !Primary residence only (most programs)
Doctor / Professional details and requirements →Start a Doctor / Professional pre-approval →
HomeReady boost

1% Down Conventional

Down

1% (we add 2%)

Min FICO

620+

Rate

HomeReady pricing

Best for

First-time buyers under 80% AMI

Perks

  • +You put 1%, the lender contributes 2% (up to program cap, commonly $4,000) — 3% equity at close
  • +Grant is not repaid
  • +PMI drops at 78% LTV per HPA

Watch-outs

  • !Income limit (80% AMI)
  • !Primary residence only
  • !Education course required
1% Down Conventional details and requirements →Start a 1% Down Conventional pre-approval →
Payment relief

2-1 Buydown

Down

Program-dependent

Min FICO

620+

Rate

−2% Y1, −1% Y2, note rate Y3+

Best for

Buyers expecting income growth or a refi window

Perks

  • +Lower payment in years 1 and 2
  • +Seller-paid buydown common in this market
  • +Unused funds can refund to principal if you refi

Watch-outs

  • !Qualify at the note rate, not the buydown rate
  • !Plan for the year-3 payment
2-1 Buydown details and requirements →Start a 2-1 Buydown pre-approval →
No SSN required

ITIN Loan

Down

15–20%

Min FICO

Alt-credit OK

Rate

Portfolio pricing

Best for

Borrowers who file taxes with an ITIN instead of an SSN

Perks

  • +No SSN required
  • +Alternative credit (rent, utilities) accepted
  • +Primary, 2nd home, or investment

Watch-outs

  • !Higher down payment than agency
  • !Rates above conventional
  • !Reserves typically required
ITIN Loan details and requirements →Start a ITIN Loan pre-approval →
Alt documentation

Non-QM

Down

10–25%

Min FICO

620+

Rate

Risk-based

Best for

Self-employed, 1099, asset-rich, or recent credit event

Perks

  • +Bank statement & P&L qualification
  • +Asset depletion / DSCR options
  • +1-year tax return programs
  • +Post-bankruptcy / foreclosure paths

Watch-outs

  • !Higher rates and reserves than QM
  • !Program-specific overlays
  • !Prepay penalties on some investor programs
Non-QM details and requirements →Start a Non-QM pre-approval →
HUD Section 184

Native American Home Loan

Down

1.25–2.25%

Min FICO

Flexible

Rate

Below-market

Best for

Enrolled members of federally recognized tribes

Perks

  • +Low down payment
  • +One-time 1.5% upfront guarantee fee plus 0.25% annual fee (current HUD schedule)
  • +On- or off-reservation eligible
  • +Manual underwrite available

Watch-outs

  • !Tribal enrollment documentation required
  • !Property must be in approved area
  • !We are not affiliated with HUD
Native American Home Loan details and requirements →Start a Native American Home Loan pre-approval →
Investor cash-flow

DSCR

Down

20–25%

Min FICO

660+

Rate

Investor pricing

Best for

Real-estate investors qualifying on rent, not personal income

Perks

  • +No tax returns or W-2s
  • +Qualify on property cash flow (DSCR ≥ 1.0 typical)
  • +LLC vesting allowed
  • +Short-term rental programs available

Watch-outs

  • !Investment property only
  • !Reserves required
  • !Prepay penalty common
DSCR details and requirements →Start a DSCR pre-approval →
Cross-border referral

Americans Buying in Mexico

Down

Program-dependent

Min FICO

Program-dependent

Rate

Cross-border pricing

Best for

U.S. citizens purchasing a home or vacation property in Mexico

Perks

  • +Referral to vetted cross-border lending partners
  • +Guidance on fideicomiso (bank trust) for restricted zones
  • +USD-denominated options offered by some partners

Watch-outs

  • !Not a U.S. mortgage — terms governed by the partner lender and Mexican law
  • !Simply Approved Mortgages is U.S.-licensed only and does not originate loans secured by property in Mexico
  • !Cross-border tax and legal advice strongly recommended
Americans Buying in Mexico details and requirements →Start a Americans Buying in Mexico pre-approval →
Cross-border referral

Americans Buying in Canada

Down

Program-dependent

Min FICO

Program-dependent

Rate

Cross-border pricing

Best for

U.S. citizens purchasing property in Canada

Perks

  • +Referral to vetted cross-border lending partners
  • +Programs that may consider U.S. credit profile
  • +Provincial guidance for non-resident buyers

Watch-outs

  • !Not a U.S. mortgage — terms governed by the partner lender and Canadian/provincial law
  • !Simply Approved Mortgages is U.S.-licensed only and does not originate loans secured by property in Canada
  • !Provincial non-resident speculation/foreign-buyer rules may apply
Americans Buying in Canada details and requirements →Start a Americans Buying in Canada pre-approval →

Find your program

Not sure which loan actually fits you?

Tell us your income, down payment, and credit profile — a Simply Approved Mortgages Loan Officer will match you to the right program and walk through the trade-offs in plain English.

Start My Approval →See Today's Rates

Apples to apples

Purchase mortgage comparison table

Real numbers, current to 2026. Loan limits update annually; we confirm your county at pre-approval. See HUD FHA limits, FHFA conforming limits, and VA home loan benefits for the latest published figures.

ProgramMin DownMin FICOMax DTIPMI / MILoan Limit (2026)Property Use
FHA3.5%58043% (up to ~56.99% w/ AUS)MIP for life if LTV > 90% (11 yrs if 10%+ down)$541,287 (most counties)Primary 1–4 unit
VA$0580*50%+None — everNo limit if full entitlementPrimary only
USDA$062046%Reduced MINo fixed cap (income-based)Primary in eligible area
Conventional3%62050%Drops at 78% LTV$832,750 (most counties)Primary, 2nd, investment
Jumbo10–20%70043%VariesAbove conformingPrimary, 2nd, investment
Doctor0–10%70050%None$2M+ (varies)Primary
1% Down Conv.1% (+ 2% from us)62050%Standard PMIConformingPrimary
DSCR20–25%660N/A (rent-based)Varies$3M+ availableInvestment only

*VA has no statutory FICO minimum; most investors set 580–620. Limits are simplified — high-cost counties (FL Keys, Coastal CO, etc.) have higher caps. Sources: FHFA conforming limits, HUD FHA mortgage limits, VA home loans, USDA Rural Development. Individual results vary.

Head-to-head

Conventional vs FHA, VA, and USDA — which one fits?

The four loan types most U.S. buyers actually choose between, compared on the things that move your monthly payment and cash to close.

Conventional vs FHA

FHA loans are insured by the Federal Housing Administration and accept lower credit (down to 580 with 3.5% down, or 500 with 10% down) and higher DTI than conventional. The trade-off is mortgage insurance: FHA charges an upfront MIP plus monthly MIP that stays for the life of the loan when LTV is greater than 90%, while conventional PMI drops automatically at 78% LTV per the Homeowners Protection Act. Below ~680 FICO, FHA almost always beats conventional on total cost; at 700+ with 5%+ down, conventional usually wins.

Source: HUD FHA. Individual results vary.

Conventional vs VA

VA loans are guaranteed by the Department of Veterans Affairs for eligible service members, veterans, and certain surviving spouses. The big advantages: $0 down with full entitlement (no VA loan limit since the 2019 Blue Water Navy Act), no monthly mortgage insurance ever, and flexible credit. The trade-off is a one-time VA funding fee (waived for disabled vets) and limits to primary-residence purchases. If you qualify for a VA loan, it usually beats conventional unless you can put 20%+ down on a high-credit conventional file.

Source: VA. Individual results vary.

Conventional vs USDA

USDA Rural Development loans are guaranteed by the U.S. Department of Agriculture for moderate-income buyers in eligible rural and many suburban areas. They allow $0 down and carry a lower annual fee than FHA MIP, but income is capped at roughly 115% of area median and the property must sit in a USDA-eligible census tract. For buyers who qualify on both, USDA typically wins on cash-to-close and monthly payment; conventional wins on property/area flexibility and removable mortgage insurance.

Source: USDA RD. Individual results vary.

The honest trade-off

Pros and cons of buying with a purchase mortgage

A mortgage is a 15-to-30-year financial commitment. Here is the straight read on both sides before you sign.

Pros

  • +

    Build equity instead of paying rent.

    Every principal payment increases the share of the home you own; rent payments build nothing.

  • +

    Predictable housing cost with a fixed rate.

    A 30-year fixed locks principal and interest for the life of the loan — landlords can raise rent every year.

  • +

    Major tax benefits may apply.

    Mortgage interest and property tax can be itemized; consult a tax professional for your situation (IRS Publication 936).

  • +

    Leverage on appreciation.

    You control the full home value with a fraction down — gains accrue on the whole property, not just your equity.

  • +

    Low-down-payment access.

    VA/USDA at $0, FHA at 3.5%, conventional at 3% — homeownership does not require 20% down.

  • +

    Forced savings via amortization.

    Each payment shifts more from interest to principal — a built-in long-term savings plan most renters never replicate.

Cons

  • !

    Real upfront cash to close.

    Even a 0%-down VA loan typically still has earnest money, inspection, and appraisal fees up front.

  • !

    Long-term debt obligation.

    A 30-year loan is a 30-year monthly obligation; missed payments can lead to foreclosure.

  • !

    Maintenance and repairs are now yours.

    No landlord — roof, HVAC, plumbing, appliances are your responsibility and your budget needs a reserve for them.

  • !

    Less mobility than renting.

    Selling a home costs 6%–10% of value in commissions, transfer taxes, and closing fees; short-term ownership rarely beats renting.

  • !

    Interest cost over the life of the loan.

    A 30-year mortgage often pays nearly as much in interest as the original loan amount; extra principal payments and refinances can shorten that.

  • !

    Market exposure.

    Home values can decline; if you need to sell during a down market you can owe more than the home is worth.

Educational summary only — not personalized financial, legal, or tax advice. Consult a licensed loan officer and a qualified tax professional for your specific situation.

Start to keys

How to apply for a purchase mortgage, step by step

A complete, plain-English walkthrough — from cleaning up credit to wiring funds at closing. Most files we work move through these seven steps in ~21 days.*

  1. 1

    Check your credit and pay down balances

    Pull your credit reports from all three bureaus at MyITINCredit.com, dispute errors, and bring revolving-card utilization below 30% (ideally under 10%) before applying. Every 20-point jump typically improves pricing.

  2. 2

    Save for down payment, closing costs, and reserves

    Plan for 0%–20% down depending on program, plus roughly 2%–5% of the purchase price in closing costs and 2–6 months of housing-payment reserves. Document large deposits as you save.

  3. 3

    Choose the right loan program for your scenario

    Compare FHA, VA, USDA, Conventional, Jumbo, Doctor, 1%-Down, and Non-QM programs against your credit, income, property type, and timeline. The program decision moves your monthly payment more than chasing a 0.125% rate difference.

  4. 4

    Start My Approval with a Simply Approved Mortgages Loan Officer

    Submit a complete application with income, asset, and ID documentation. A Simply Approved Mortgages Loan Officer and underwriter review the file and issue a written pre-approval letter that sellers and listing agents will take seriously.

  5. 5

    Shop for a home and make a competitive offer

    Tour homes inside your verified budget. Your loan officer can re-issue the pre-approval letter at any price the same day so your offer looks strong to the seller.

  6. 6

    Lock your rate and submit the contract to underwriting

    Once you go under contract, lock the rate, order the appraisal, open title, and the underwriter begins working through conditions in parallel.

  7. 7

    Clear conditions, get the Closing Disclosure, and close

    Provide any remaining conditions the underwriter requests. The Closing Disclosure is delivered at least 3 business days before signing per TRID. You sign, funds wire, the deed records, and you get the keys.

*Typical timing on recent purchase files; actual close timing varies by program, property, appraisal/title turn times, and borrower responsiveness. Not a guarantee of approval, rate, or close date.

The real cash to close

What it actually costs to buy a $400,000 home

Three scenarios. Same house. Wildly different out-of-pocket. This is exactly why program fit beats rate-chasing. Your binding numbers appear on the Loan Estimate and Closing Disclosure.

FHA + 3.5% Simply Approved DPA

Illustrative example only · assumes a 7.125% rate, 30-yr fixed · not current pricing

Monthly

$2,847/mo

Cash to close

$2,400

Purchase price
$400,000
Down payment (3.5%)
$14,000
Simply Approved DPA covers (repayable 2nd)
–$14,000
Closing costs (3%)
$12,000
Seller credit
–$8,000
Lender credit
–$1,600
Cash to close
$2,400

Conventional 5% Down

Illustrative example only · assumes a 7.125% rate, 30-yr fixed · not current pricing

Monthly

$2,712/mo

Cash to close

$28,000

Purchase price
$400,000
Down payment (5%)
$20,000
Closing costs (2.5%)
$10,000
Prepaids escrow
$4,000
Seller credit
–$6,000
Cash to close
$28,000

VA $0 Down

Illustrative example only · assumes a 7.125% rate, 30-yr fixed · not current pricing

Monthly

$2,628/mo

Cash to close

$0

Purchase price
$400,000
Down payment
$0
VA funding fee (financed)
$0 out-of-pocket
Closing costs (3%)
$12,000
Seller credit (full)
–$12,000
Cash to close
$0

Illustrative scenarios — actual rates, fees, taxes, insurance, and credits vary by market, lender, and underwriting. Your Loan Estimate is the binding document.

Start to keys

Our typical 21-day purchase timeline*

Many recent purchase files close in roughly three weeks when appraisal and title cooperate; actual timing varies by loan program, property, and third-party turn times. Federal rules require your Closing Disclosure at least three business days before signing.

1

Day 1–2

Application & Pre-Approval

  • ✓Secure online application (15 min)
  • ✓Upload income & asset docs
  • ✓Soft or hard credit pull
  • ✓Underwriter-reviewed pre-approval letter
2

Day 1–30+

Shop & Offer

  • ✓Tour homes with confidence
  • ✓We re-issue letters at any price
  • ✓Negotiate seller credits
  • ✓Go under contract
3

Contract Day 1

Lock & Order

  • ✓Lock your rate that same day
  • ✓Order appraisal within 24 hours
  • ✓Submit complete file to underwriting
  • ✓Title work kicks off in parallel
4

Day 5–18

Underwriting & Appraisal

  • ✓UW typically issues initial conditions within ~48 hrs
  • ✓Appraisals typically returned in ~5–10 business days
  • ✓We chase conditions on your behalf
  • ✓Most conditions cleared in ~24–48 hrs once received
5

Day 18–21

Clear to Close

  • ✓Final underwriting approval
  • ✓Closing Disclosure sent (3-day rule)
  • ✓Final walk-through with your agent
  • ✓Wire instructions to title
6

Day 21

Sign & Fund

  • ✓Sign at title (or mobile notary)
  • ✓Funds wire same day
  • ✓Deed records, you get the keys
  • ✓Welcome home

Lock in your timeline

See where you'd land on our typical 21-day purchase timeline.*

Start your pre-approval today and a licensed loan officer will map your file to a realistic close date based on your program, market, and contract.

Start My Approval →See Today's Rates

Real-world fits

Eight buyers, eight programs that fit them best

See yourself in any of these? That's your shortcut to the program that wins.

Profile

First-time buyer, $65k income, 660 FICO, $5k saved

Best fit

FHA + Simply Approved DPA

3.5% down covered by repayable second, no income cap, closes with $1,800 cash.

Profile

Army vet, $0 saved, $78k income, 670 FICO

Best fit

VA Loan

$0 down, no PMI, seller covers closing, $0 to close.

Profile

Surgeon resident, $180k contract, $300k student loans, 740 FICO

Best fit

Doctor Loan

Student loans excluded from DTI, 5% down, no PMI.

Profile

Young couple, $120k combined, 720 FICO, 78% AMI

Best fit

1% Down Conv. (HomeReady)

Put 1% in, we add 2%, reduced PMI, closes fast.

Profile

1099 contractor, $185k deposits, write-offs heavy

Best fit

Bank Statement Non-QM

Qualify on 12 months of deposits, not tax returns.

Profile

Move-up buyer with $200k equity, 760 FICO

Best fit

Conventional 20% Down

No PMI, best pricing tier, jumbo if over conforming.

Profile

Investor buying a duplex to rent, 700 FICO

Best fit

DSCR Loan

Qualify on rental income, no W-2s, no tax returns.

Profile

Buying in rural CO at $385k, $72k income

Best fit

USDA Loan

$0 down, lower MI than FHA, eligible area confirmed.

Illustrative borrower profiles for educational purposes only — not a quote, offer, approval, rate lock, or commitment to lend. Actual program eligibility, pricing, and cash-to-close depend on full underwriting, credit profile, property, and market pricing at the time of lock.

Avoid these

7 mistakes that cost first-time buyers thousands

  1. 1

    Shopping homes before pre-approval.

    You don’t know your real budget — and listing agents won’t take your offer seriously.

  2. 2

    Opening new credit during the process.

    A new credit card or car loan can drop your score 20+ points and re-trigger underwriting.

  3. 3

    Switching jobs before closing.

    Lenders re-verify employment days before close. New job = pause until 30 days of pay stubs.

  4. 4

    Making large undocumented deposits.

    Any non-payroll deposit over ~50% of monthly income gets flagged. Source every dollar.

  5. 5

    Skipping the rate lock.

    Floating in a rising market can add $200+/month for the life of the loan.

  6. 6

    Maxing out the pre-approval amount.

    Just because you’re approved for $500k doesn’t mean you should spend it. Leave breathing room.

  7. 7

    Choosing on rate alone.

    A lender quoting 0.125% lower with $4,000 more in fees is a bad deal. Compare APR and total cost.

Bring this to your pre-approval

The complete document checklist

Income — if employed (W-2)

  • ✓Last 2 years of W-2s
  • ✓Most recent 30 days of pay stubs
  • ✓Most recent 2 years of federal tax returns (all pages, all schedules)
  • ✓Name and contact info for your employer (verification of employment)
  • ✓Documentation of bonus, overtime, or commission income if you rely on it

Income — if self-employed (1099 / business owner)

  • ✓Last 2 years of personal federal tax returns (all pages, all schedules)
  • ✓Last 2 years of business tax returns (1120, 1120S, or 1065 as applicable) + K-1s
  • ✓Year-to-date profit & loss statement (and balance sheet, if available)
  • ✓Last 2 years of 1099s (for 1099 contractors)
  • ✓Business license or CPA letter confirming 2+ years of self-employment
  • ✓For bank-statement Non-QM: 12–24 months of business bank statements

Assets

  • ✓Last 2 months of all bank, brokerage, retirement statements
  • ✓All pages — even blanks. No screenshots.
  • ✓Documentation for any large deposits
  • ✓Signed gift letter + donor ability proof (if gifted)

Identity

  • ✓Government-issued photo ID
  • ✓Social Security number or ITIN
  • ✓Permanent residents: green card
  • ✓Foreign nationals: passport + visa

Property (when known)

  • ✓Fully executed purchase contract
  • ✓HOA contact + monthly dues
  • ✓Homeowners insurance quote
  • ✓Survey if available

Ready to make it real?

Get a pre-approval letter — typically within ~24 hours of a complete file.

One short application, then a licensed loan officer reviews your file and issues a real underwriter-backed pre-approval letter you can shop with.

Start My Approval →See Today's Rates
Expert Insight
The headline interest rate is only one part of the picture. For most buyers, the bigger driver of total cost is program fit — choosing the loan structure that actually matches your income, credit profile, down payment, and timeline. A Doctor program, a 1%-Down Conventional, an FHA loan paired with down payment assistance, or a straightforward Conventional 20%-down can produce very different monthly payments and cash-to-close on the same home. The only way to know which one fits you is a real conversation with a licensed loan officer who can compare options side-by-side against your full Loan Estimate.
Simply Approved Mortgages Team
Licensed Loan Officers • NMLS# 2620881

Cash-to-close levers

Seller credits, lender credits, and DPA — explained

Three of the most common tools buyers use to reduce the money needed at the closing table. Each works differently, comes from a different source, and shows up on a different line of your Loan Estimate and Closing Disclosure.

From the seller

Seller credit

A negotiated contribution from the home seller toward your closing costs, prepaids, or (in some cases) a rate buydown. The credit reduces your cash to close but does not reduce the purchase price. Each loan program caps how much a seller can contribute (commonly 3% on conventional with low down, up to 6% on conventional with 10%+ down, up to 6% on FHA, up to 4% on VA). The credit cannot exceed your actual closing costs.

Appears on the Closing Disclosure as "Seller Credits."

From the lender

Lender credit

Money the lender contributes toward your closing costs in exchange for a slightly higher interest rate. It is essentially the opposite of paying discount points: instead of paying upfront to lower your rate, you accept a marginally higher rate so the lender can offset some of your fees. Useful when you want to keep more cash in hand, especially if you may refinance within a few years.

Appears on the Loan Estimate / Closing Disclosure as a "Lender Credit" in Section J.

From a program

Down Payment Assistance (Simply Approved DPA)

For FHA buyers, Simply Approved Mortgages offers a repayable 10-year fixed second lien covering 3.5% or 5% of the lesser of the purchase price or appraised value, at a rate 2% higher than the first mortgage. The funds can be applied to your down payment, closing costs, or prepaids. Minimum 600 credit score, no income cap, and no first-time buyer requirement.

Stacks with FHA 203(b) and 203(k) purchase loans; not available in NY, WA, the U.S. Virgin Islands, Guam, the Northern Mariana Islands, or American Samoa.

Credit caps, DPA availability, and program rules vary by loan program, state, county, property type, occupancy, and borrower qualifications. Examples are educational only — not a quote, lock, offer, or commitment to lend. Your binding figures appear on your Loan Estimate and Closing Disclosure.

Speak mortgage

The 12 terms every buyer should know

No jargon, no fluff — just the words that decide your monthly payment.

APR

Annual Percentage Rate — the rate plus most fees expressed as a yearly cost. Use this to compare lender quotes apples-to-apples.

LTV

Loan-to-Value — your loan amount divided by the home value. Lower LTV (bigger down payment) usually means better pricing.

DTI

Debt-to-Income — monthly debt payments divided by gross monthly income. Standard caps are 43–45%, with stretches up to ~50–56.99% possible via AUS and compensating factors.

Points

Upfront fee paid to lower your interest rate. One point = 1% of the loan. Worth it only if you stay long enough to break even.

PMI / MIP

Mortgage insurance protects the lender when you put less than 20% down. PMI on conventional drops at 78% LTV (per the Homeowners Protection Act). FHA MIP stays for the life of the loan when the original LTV is greater than 90%; with 10%+ down, MIP is removed after 11 years per current HUD rules.

Escrow

A holding account at your lender that collects 1/12 of your annual property tax and insurance every month, then pays the bills when due.

Rate Lock

A guarantee that your rate won’t change for a set window (30/45/60/90 days) while you finish the file.

Conforming Limit

The maximum loan amount Fannie Mae and Freddie Mac will buy. Above this is jumbo territory.

Cash to Close

The total dollars you need to wire on closing day — down payment plus closing costs minus credits.

Pre-Approval

A written, underwriter-reviewed commitment based on verified income, credit, and assets. Required to make competitive offers.

Appraisal

An independent licensed appraiser’s opinion of the home’s value. Protects you and the lender from overpaying.

Closing Disclosure

The 5-page form sent to you at least 3 business days before signing that lists every final number on your loan. See the CFPB Closing Disclosure guide.

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Got questions? Get real answers — not a chatbot loop.

A Simply Approved Mortgages Loan Officer will compare programs side-by-side and walk you through your Loan Estimate line by line.

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The honest answer

Is a purchase mortgage right for you?

Use this short framework to pressure-test whether buying — and which program — actually fits your life right now.

A purchase mortgage likely fits if…

  • ✓You plan to stay in the home at least 3–5 years.
  • ✓Your job and income have been stable for 2+ years (or you have 2 years of documented self-employment income).
  • ✓You have 3–6 months of housing-payment reserves after closing.
  • ✓Your total monthly debts (proposed mortgage + everything else) sit comfortably under ~43–50% of your gross income.
  • ✓Your credit score is at least 580 (FHA / VA) or 620+ (conventional / USDA), and you have no recent late housing payments.
  • ✓You have the cash for at least the program minimum down + closing costs, or a DPA / gift / seller-credit plan to cover them.

It may be worth waiting if…

  • !You expect to move within the next 2 years for work, school, or family.
  • !Your income just changed (new job in a new field, gap in employment, big drop in 1099 deposits).
  • !You have recent late payments, a collection in the last 12 months, or an unresolved bankruptcy / foreclosure waiting period.
  • !You have less than 1 month of reserves after the down payment and closing costs.
  • !Your DTI would exceed program caps even at the lowest realistic payment.
  • !You are buying purely for short-term appreciation in an uncertain market — selling within 2–3 years rarely beats renting after transaction costs.

Educational framework only — not personalized financial advice and not a quote, lock, offer, approval, or commitment to lend. A licensed loan officer can run your specific scenario.

Purchase Mortgage FAQ

Answers to the most common purchase mortgage questions, written by licensed loan officers.

A purchase mortgage is the loan you use to buy a home. The lender places a lien on the property as collateral, you make principal and interest payments over 15–30 years, and the home is yours when the loan is paid off (or sold). A refinance replaces an existing mortgage — different paperwork, different timeline, often different rate.

More than a mortgage

Our Social Impact Fund helps build homes for families who need them

A safe, stable home is the starting point for everything else — health, education, employment, and generational wealth. That is why we created the Social Impact Fund: to put real homes under real families, especially in places where affordable housing is out of reach and creditworthy buyers have nowhere to turn.

Building new homes

The Fund backs construction of quality, affordable homes in communities where inventory is scarce and families are priced out of the market.

Renovating existing homes

We turn vacant, outdated, or distressed properties into safe, move-in-ready homes instead of letting them sit empty.

Creating pathways to ownership

Each home built or restored is a foundation for stronger neighborhoods, school stability, and long-term financial security for the family who lives there.

We believe homeownership starts with a home. When you work with Simply Approved Mortgages, you are helping us put more families under a roof they can call their own.

Learn more about our impact

Descriptions of the Social Impact Fund are for informational and marketing purposes only and do not create any legal, contractual, or equitable right to housing, funds, services, tax benefits, or other advantages. The Fund is administered at the sole discretion of Simply Approved Mortgages, subject to available resources, partner participation, regulatory requirements, and program rules, and may be modified, limited, or discontinued at any time without notice. Eligibility for any Fund-supported home or program is determined by separate written criteria and agreements. Nothing on this page constitutes tax, legal, financial, or investment advice, and no charitable or tax-exempt status is implied. Participation is not a guarantee of approval, funding, or a specific home. Consult qualified professionals for advice about your specific situation.

Down payment assistance

Stack a grant on top of your loan — and close with thousands less

DPA programs are grants, forgivable second mortgages, or deferred loans that cover some (or all) of your down payment and closing costs. They stack on FHA, VA, USDA, HomeReady, and Home Possible. Income and area limits apply.

Why down payment assistance matters

How DPA helps, why it can help, and why American buyers use it

The single biggest obstacle for most first-time and moderate-income buyers is not credit or income — it is the cash needed to close. Down Payment Assistance (DPA) programs are designed to bridge that gap so qualified buyers can stop renting and start building equity sooner.

How DPA helps

DPA delivers funds — as a grant, forgivable loan, deferred second mortgage, or repayable second lien — that can be applied to your down payment, closing costs, or prepaid escrows. That means less cash out of pocket at closing and, in many cases, the ability to keep savings intact for reserves, moving expenses, and emergencies.

Why it can help you

The CFPB and HUD both confirm that thousands of federal, state, county, and city DPA programs exist. Many buyers assume they will not qualify — but most DPA programs allow moderate incomes, non-first-time buyers, or workforce occupations like teachers, nurses, and first responders. Layering DPA on an FHA, VA, USDA, or Conventional loan is one of the fastest ways to shorten the "how long until I can buy" timeline.

Why Americans should use it

The Federal Reserve's Survey of Consumer Finances shows homeowners typically hold far more household wealth than renters at comparable income levels. DPA does not lower the price of a home — it lowers the barrier to entry so more American families can start building that equity sooner, using government-backed programs paid for with public and philanthropic funds already set aside for that purpose. Unused DPA dollars simply return to the program pool at year end.

Educational information only. DPA eligibility, funding availability, income limits, purchase-price caps, occupancy rules, and repayment terms vary by program and change without notice — always confirm details directly with the program administrator. Simply Approved Mortgages is not affiliated with, endorsed by, or sponsored by HUD, FHA, VA, USDA, FHFA, the CFPB, or any state Housing Finance Agency. All loans subject to credit approval and underwriting. Equal Housing Opportunity. NMLS# 2620881.

National & federal

Verify any DPA program on these official sources

State Housing Finance Agencies

Top-volume state DPA programs

California

CalHFA

→

Texas

TSAHC / TDHCA

→

Florida

Florida Housing

→

New York

SONYMA

→

Arizona

Arizona IDA — Home Plus

→

Colorado

CHFA

→

Georgia

Georgia Dream

→

North Carolina

NCHFA

→

Illinois

IHDA

→

Pennsylvania

PHFA

→

Ohio

OHFA

→

Nevada

Home Is Possible

→

Don't see your state? Every state has at least one Housing Finance Agency — find yours through NCSHA's directory.

Simply Approved Mortgages DPA

Simply Approved Mortgages DPA — no income cap, no first-time buyer requirement

For FHA purchase borrowers, Simply Approved Mortgages offers a repayable 10-year fixed second lien covering 3.5% or 5% of the lesser of the purchase price or appraised value. Minimum 600 credit score, primary residence only. The second-lien rate is 2% higher than the first mortgage and can be used for down payment, closing costs, or prepaids.

Start My Approval →

Not available in NY, WA, the U.S. Virgin Islands, Guam, the Northern Mariana Islands, or American Samoa. Program subject to investor and FHA underwriting guidelines; not a grant. The second lien is repayable over 10 years and generally may not be resubordinated for 3–10 years depending on the assistance amount. Final eligibility and terms are determined only after a full application and underwriting review.

Simply Approved Mortgages DPA

DPA amount calculator & eligibility checker

Estimate your Simply Approved Mortgages Down Payment Assistance at 3.5% or 5% of the lesser of purchase price or appraised value, and see the 10-year repayable second-lien structure layered on top of a 30-year fixed FHA first mortgage. Then check whether you meet the core program rules.

Amount calculator

Assistance tier (% of lesser of price or appraisal)
Lesser of price or appraisal
$400,000
Estimated DPA at 3.5%
$14,000
2nd-lien term
10-year fixed, repayable
2nd-lien rate (illustrative)
8.500% (1st rate + 2%)
Estimated 2nd-lien monthly P&I
$174/mo

Illustrative only — not a quote, lock, offer, or commitment to lend. Actual assistance, rate, and payment depend on the final loan amount, your credit profile, appraisal, and program guidelines in effect at closing. Binding figures appear only on your Loan Estimate and Closing Disclosure.

Eligibility checker

Do you have documentable, qualifying income (W-2, self-employment, retirement, etc.)?

Are you willing to complete an approved homebuyer education course before closing?

Is the property located in NY, WA, the U.S. Virgin Islands, Guam, the Northern Mariana Islands, or American Samoa?

Answer each question above to see your preliminary eligibility result.

This is a preliminary self-check, not an underwriting decision or a credit decision. It does not pull your credit and is not a quote, lock, offer, or commitment to lend. Program rules, fees, costs, terms, and conditions are subject to change without notice. Simply Approved Mortgages is not affiliated with HUD, FHA, the VA, USDA, FHFA, CHFA, FHFC, metroDPA, or any government agency. Equal Housing Opportunity. NMLS# 2620881.

Start My Approval →See Today's Rates →

Next steps

See Today's Rates

Emailing your Down payment assistance calculator scenario opens our secure request form so a Simply Approved Mortgages Loan Officer can review those numbers. Estimates are illustrative and are not a quote, lock, offer, or commitment to lend.

Not sure which DPA fits you?

We confirm DPA eligibility at pre-approval — free, no commitment

Tell us your zip code and income; we'll match you to every grant and second-mortgage DPA you qualify for and build the stack on your Loan Estimate.

Start My Approval →

DPA programs are administered by federal, state, and local agencies — terms, income limits, and funding availability change frequently and without notice. Simply Approved Mortgages is not affiliated with, endorsed by, or sponsored by HUD, FHA, VA, USDA, or any state Housing Finance Agency. Verify all program details directly with the issuing agency before applying. All loans subject to credit approval and underwriting. NMLS# 2620881.

Today's rates

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

Real rates — your scenario, not a guess

Today's rate options below refresh twice each business day from our wholesale pricing engine; run your own scenario in the pricing tool. National survey averages below give you market context — they're not Simply Approved's pricing.

Our live pricing engine

See your real rate — for your scenario, in our pricing tool

Pull live, scenario-specific pricing from our wholesale pricing engine. Your binding rate and APR are confirmed on your Loan Estimate after a quick file review.

See My Live Rate →

Pricing snapshot

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

Today's Mortgage Rate Options at a Glance

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

National market context

Freddie Mac PMMS — weekly U.S. averages

Source: Freddie Mac PMMS (PMMS_history.csv)

Loading latest PMMS averages…

PMMS figures shown above are Freddie Mac's national survey averages, published weekly by Freddie Mac (PMMS_history.csv) — they are not Simply Approved Mortgages' rates, not a quote, not a lock, and not an offer or commitment to lend. Your actual rate, APR, and payment depend on credit profile, loan program, occupancy, LTV, DTI, property type, lock period, and current market pricing at the time of lock. Your binding figures appear on your Loan Estimate. Simply Approved Mortgages LLC · NMLS# 2620881 · Equal Housing Opportunity.

2026 HUD Fair Market Rents · Florida

What renters in Florida could buy at payment parity

We pulled HUD's published 2026 2-bedroom Fair Market Rents for Floridacounties and calculated the loan amount whose full PITI payment would roughly match today's median rent. It's a quick way to see if buying makes sense in your area.

*Illustrative only for the Florida areas listed above — not a quote, lock, offer, or commitment to lend. Assumes 6.75% 30-year rate, ~22% of payment going to taxes/insurance/HOA, and 3.5% down. Binding figures appear on your Loan Estimate. Individual results vary. Florida rent figures: HUD User FMR 2026 .

Next steps

See Today's Rates

Emailing your Florida rent vs buy comparison scenario opens our secure request form so a Simply Approved Mortgages Loan Officer can review those numbers. Estimates are illustrative and are not a quote, lock, offer, or commitment to lend.

2026 HUD Fair Market Rents · Colorado

What renters in Colorado could buy at payment parity

We pulled HUD's published 2026 2-bedroom Fair Market Rents for Coloradocounties and calculated the loan amount whose full PITI payment would roughly match today's median rent. It's a quick way to see if buying makes sense in your area.

*Illustrative only for the Colorado areas listed above — not a quote, lock, offer, or commitment to lend. Assumes 6.75% 30-year rate, ~22% of payment going to taxes/insurance/HOA, and 3.5% down. Binding figures appear on your Loan Estimate. Individual results vary. Colorado rent figures: HUD User FMR 2026 .

Next steps

See Today's Rates

Emailing your Colorado rent vs buy comparison scenario opens our secure request form so a Simply Approved Mortgages Loan Officer can review those numbers. Estimates are illustrative and are not a quote, lock, offer, or commitment to lend.

2026 HUD Income Limits · Area Median Income (AMI)

Do you qualify for down-payment or low-income mortgage programs?

Many affordability programs — HomeReady, Home Possible, most state and local down-payment assistance, USDA, and HUD Section 8 — use HUD's published Area Median Income (AMI) to set eligibility. Compare your household income to the AMI for your area below. Figures are the 4-person household values published by HUD for 2026.

HomeReady and Home Possible cap qualifying income at 80% of AMI for most census tracts. USDA Guaranteed uses moderate-income limits (typically 115% of AMI, published separately). Down-payment assistance programs vary by state and program. Values above are HUD's published 2026 4-person figures; household-size adjustments apply. Not a commitment to lend; eligibility is confirmed at underwriting. Source: HUD USER Income Limits 2026 .

Compare loan programs

Our pricing vs the national market — by program

Switch between 30-Year, 15-Year, FHA, VA, and Jumbo to see how each program works and where it sits against Freddie Mac's weekly national averages. Conventional fixed-rate programs use real PMMS data; FHA, VA, and Jumbo aren't tracked in PMMS — pull your scenario in our live pricing engine.

30-Yr Fixed

30-Year Fixed (Conventional)

The U.S. standard: lowest monthly payment, fully amortizing over 30 years, predictable principal & interest.

National market context

Loading PMMS…

Our pricing — for your scenario

We don't post a single “our rate” here because your real number depends on credit, LTV, DTI, occupancy, property type, and lock period.

Pull a real, scenario-specific 30-Yr Fixed quote from our live pricing engine — backed by our 1.5% lender-paid compensation on Section A of your Loan Estimate.

Get my 30-Yr Fixed rate →

Best for

Most primary-residence buyers who want payment stability and maximum monthly cash flow.

Comparison is for educational purposes only. PMMS figures are Freddie Mac's national survey averages published weekly — not Simply Approved Mortgages' pricing, not a quote, lock, offer, or commitment to lend. Your actual rate, APR, and payment depend on credit profile, loan program, occupancy, LTV, DTI, property type, lock period, and current market pricing at the time of lock; binding figures appear on your Loan Estimate. FHA, VA, and USDA loans are insured or guaranteed by the U.S. government with their own eligibility, occupancy, and fee requirements; Simply Approved Mortgages is not affiliated with, endorsed by, or sponsored by HUD, the VA, or the USDA. Simply Approved Mortgages LLC · NMLS# 2620881 · Equal Housing Opportunity.

Next steps

See Today's Rates

Emailing your Loan program comparison tool scenario opens our secure request form so a Simply Approved Mortgages Loan Officer can review those numbers. Estimates are illustrative and are not a quote, lock, offer, or commitment to lend.

Live mortgage market data

The U.S. mortgage market at a glance

Real published numbers from Freddie Mac, the Federal Reserve (FRED), FHFA, HUD, and the VA — refreshed quarterly so the math you run here matches the math your loan officer runs. Hover any data point for the exact value.

Data last reviewed: November 2026

30-Year Fixed Rate (annual avg)

Mortgage rates, 2019 → 2026

% APR
8%6%4%2%0%20192019: 3.94%20202020: 3.11%20212021: 2.96%20222022: 5.34%20232023: 6.81%20242024: 6.72%20252025: 6.55%2026*2026*: 6.25%

Source: Freddie Mac Primary Mortgage Market Survey (PMMS). Current-year figure is the year-to-date average; PMMS is updated weekly.

Median U.S. home sales price

Home prices, 2019 → 2025

$ thousands
500K375K250K125K0K20192019: 313K20202020: 329K20212021: 405K20222022: 442K20232023: 431K20242024: 420K20252025: 416K

Source: U.S. Census Bureau & HUD via FRED — Median Sales Price of Houses Sold (MSPUS). Quarterly, seasonally adjusted.

2026 Loan Limits

Maximum loan amounts by program

All limits are the 2026 federally published figures for a one-unit primary residence in most counties. High-cost counties (Honolulu, Bay Area, NYC metro, FL Keys, ski-resort CO, etc.) have higher caps.

Program2026 LimitOfficial Source
Conforming (Fannie/Freddie)$832,750FHFA 2026 baseline →
FHA (most counties)$541,287HUD 2026 floor →
FHA (high-cost counties)$1,249,125HUD 2026 ceiling →
VA (full entitlement)No statutory limitVA Lender Handbook →
USDA GuaranteedBased on borrower incomeUSDA Rural Development →

Verify everything

Official government & regulator sources

Every rate, limit, and guideline cited on this page traces back to a federal source. Click any agency to verify directly.

.govOfficial source

Consumer Financial Protection Bureau

Federal regulator and unbiased homebuyer education ("Owning a Home").

Visit official site →
.govOfficial source

HUD — FHA Single-Family Lender

Official FHA program guidelines, loan limits, and lender requirements.

Visit official site →
.govOfficial source

VA Home Loan Benefits

Eligibility, COE, funding fee, and VA loan program details.

Visit official site →
.govOfficial source

USDA Rural Development

USDA-eligible area maps and Single-Family Housing program guidelines.

Visit official site →
.govOfficial source

FHFA Conforming Loan Limits

Annual Fannie Mae / Freddie Mac conforming loan limits by county.

Visit official site →
.govOfficial source

Freddie Mac PMMS

Primary Mortgage Market Survey — weekly 30-year fixed-rate benchmark.

Visit official site →
.govOfficial source

NMLS Consumer Access

Verify any mortgage company or loan officer's license, including Simply Approved (NMLS# 2620881).

Visit official site →
.govOfficial source

IRS — Home Mortgage Interest

Publication 936: deduction rules for home mortgage interest.

Visit official site →

Run your numbers

See your payment — then get a real quote

Estimate your monthly payment, then have a Simply Approved Mortgages Loan Officer return a personalized quote backed by our 1.5% lender-paid compensation. No obligation, no hard credit pull required for a soft quote.

Estimate your payment

Mortgage payment calculator

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

Monthly payment breakdown

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

Loan amortization summary (30-year term)

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

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

Free • No obligation

Use my estimate — see today's rates

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

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

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

Ready to move forward?

Turn these numbers into a real pre-approval

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

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

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

Estimates are for educational purposes only and are not a loan offer, commitment to lend, rate lock, or APR disclosure. Actual rate, APR, payment, and fees depend on credit qualifications, loan program, property, occupancy, LTV, DTI, and current market pricing. Property taxes, homeowners insurance, mortgage insurance, HOA dues, and flood insurance — where applicable — are estimated and may vary. Your binding figures appear on your Loan Estimate. Simply Approved Mortgages LLC, NMLS# 2620881. Equal Housing Opportunity.

Wholesale advantage

Compare loan officer compensation on your mortgage quote

Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. Enter the compensation shown on another lender's Loan Estimate to see the difference in dollars.

Simply Approved Mortgages compensation (1.5%)$4,500
Quote you entered (2.75%)$8,250

Compensation difference on this illustration: $3,750.

How lower compensation can help you

Room for a lower rate

When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.

Possible credits toward closing

Depending on the rate you choose, pricing can sometimes include a lender credit toward third-party closing costs, so you may bring less cash to closing.

More purchasing power

A lower rate means a lower monthly payment, which can lower your debt-to-income ratio and may help you qualify for more home on the same income.

Wholesale, not retail

As a mortgage broker we compare pricing from wholesale lenders instead of offering a single bank’s retail pricing.

Tip: On page 2 of your Loan Estimate, look at Section A, "Origination Charges." If the lender pays the loan officer, that compensation usually does not appear there as its own line; it is built into the interest rate. That is why comparing the rate and any lender credits side by side matters.

Get a second opinion on your Loan Estimate

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

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

Run your scenarios

Mortgage calculators & planning tools

Free, unbiased, and built by licensed loan officers. Estimates only — your binding numbers come from your Loan Estimate.

Most popular

Mortgage Calculator

Estimate principal, interest, taxes, and insurance for any home price.

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Before you shop

Home Affordability

See how much home you can comfortably afford on your income and debts.

Open calculator →

Refi math

Refinance Calculator

Compare your current loan to a new rate and see your monthly + lifetime savings.

Open calculator →

Decision tool

Rent vs. Buy

Run the numbers on renting vs. owning in your market — break-even in months.

Open calculator →

Selling soon?

Net Proceeds (Sellers)

Estimate what you actually walk away with after closing costs and payoff.

Open calculator →

Investors

DSCR Loan Calculator

Investors: confirm rental cash flow qualifies your next purchase.

Open calculator →

Payment relief

2-1 Buydown Calculator

See years 1–2 payment relief on a seller-paid temporary buydown.

Open calculator →

Cash to close

Closing Cost Estimator

Ballpark lender, title, escrow, and prepaid costs before your Loan Estimate.

Open calculator →

Calculator results are illustrative only and are not a loan offer, commitment to lend, rate quote, or APR disclosure. Actual loan terms depend on credit qualifications, program guidelines, property type, and current market pricing. Simply Approved Mortgages LLC · NMLS# 2620881 · Equal Housing Opportunity.

Credit score matters

Know your mortgage credit score before you apply

Your FICO score is the single biggest lever on your mortgage rate. Pull your tri-bureau credit report through MyITINCredit.com, or order the same tri-merge mortgage credit report we'll actually underwrite from.

MyITINCredit.com · ITIN & SSN friendly · Tri-bureau · $1 for 15 days

Pull your credit at MyITINCredit.com

Our recommended credit-pull partner for U.S. mortgage borrowers — including ITIN buyers historically underserved by free-credit apps. Start for $1 for 15 days and get credit monitoring included while you see all three bureaus and the factors moving your score before you apply.

  • ✓Tri-bureau view (Experian · Equifax · TransUnion)
  • ✓Works for both SSN and ITIN borrowers
  • ✓Credit monitoring included
  • ✓Score factors and dispute tips before you apply
Visit MyITINCredit.com →

MyITINCredit.com is a service operated by Simply Approved Corporation (a DBA of that entity), which is the parent company of Simply Approved Mortgages LLC. $1 trial for 15 days applies; ongoing subscription and report fees are set by MyITINCredit.com and may apply. Simply Approved Mortgages may receive subscription revenue if you choose to enroll. Credit monitoring is optional and is not required to apply for or obtain a mortgage with us. MyITINCredit.com does not share your underlying credit data with our mortgage operations unless you separately authorize it.

Mortgage-grade · Tri-merge · Hard pull

Order your tri-merge mortgage credit report

The full tri-merge mortgage credit report (Experian + Equifax + TransUnion) underwriters actually use. Order it yourself via our secure MeridianLink SmartPay portal.

  • ✓True tri-merge mortgage credit report
  • ✓Identical to what underwriters review
  • ✓Secured by MeridianLink — bank-grade encryption
Order my credit report →If you're ready to apply for your mortgage approval, apply now →

How your score shapes your rate

FICO score → mortgage pricing tiers

FICO TierConventionalFHAVAJumbo
760+Best pricing tierBest FHA pricingTop VA pricingEligible (best pricing)
740–759Excellent pricingVery strongExcellentEligible
720–739Strong pricingStrongStrongEligible
700–719Good pricingGoodGoodEligible (most programs)
680–699Moderate add-onsSolidSolidLimited options
660–679Higher add-onsFully eligibleEligibleGenerally not eligible
620–659Minimum conventionalEligibleEligibleNot eligible
580–619Not eligibleEligible (3.5% down)Eligible (most lenders)Not eligible
500–579Not eligibleEligible (10% down)Case-by-caseNot eligible

Pricing tiers are illustrative and vary by investor overlays, LTV, DTI, occupancy, property type, loan amount, and current market pricing. Eligibility shown reflects typical guidelines and is not a commitment to lend. Your actual rate and APR appear on your Loan Estimate. Simply Approved Mortgages LLC · NMLS# 2620881 · Equal Housing Opportunity.

Purchase Pre-Approval

Ready to take the next step?

Pick your loan type and complete a short, tailored request on our secure application page. Your Simply Approved Mortgages Loan Officer follows up within one business day.

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

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

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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

First-Time Home Buyer Guide

Programs, grants, and the exact playbook for buying your first home.

Read the guide →

Guide

Mortgage Pre-Approval

Underwriter-reviewed letter you can hand to a listing agent.

Read the guide →

Guide

Pre-Qualification vs. Pre-Approval

Which one you actually need and why agents only trust one.

Read the guide →

Guide

How Much Home Can I Afford?

Run real DTI, taxes, insurance, and reserves against your income.

Read the guide →

Guide

Closing Costs Explained

Every line of the Loan Estimate — and how to lower it.

Read the guide →

Internal library

Related mortgage guides across our library

Follow the next relevant guide for your scenario.

Purchase mortgages

Buying a home

Trusted government resources

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

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

Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, USDA, FHFA, or any other government agency. External links to official sources are provided for your independent verification and open in a new tab.

Simplify Your Mortgage Journey with These Resources

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

Ready to start your purchase?

Pre-approval letters are typically issued within ~24 hours of a complete file.* No obligation.

Ready?
Start My Approval
Phone
877-813-7219
From the Blog

Mortgage insights & guides

Plain-language articles to help you understand the home loan process, save on closing costs, and make confident decisions.

View all articles→
First-Time Buyers

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.

May 28, 20266 min read
Veterans

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.

May 14, 20268 min read
Closing Costs

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.

Apr 30, 20265 min read
Pre-Approval Request

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.
Government & conventional
Specialty credit
Build & renovate

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.

Step 1 of 2 · about 90 seconds
See your options — one short screen
Encrypted connection (HTTPS) NMLS# 2620881 Equal Housing Opportunity

Simply Approved Mortgages LLC is licensed to arrange residential mortgage loans in Florida and Colorado only. We ask first so we never collect a mortgage inquiry we are not licensed to act on.

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

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

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

Estimated monthly payment at these numbers
$3,431

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

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

No obligation to apply Encrypted connection Verify NMLS# 2620881
Equal Housing OpportunityEqual Housing OpportunityMortgage Broker — Not a LenderNMLS ID# 2620881NMLS Consumer AccessFlorida Mortgage Broker License #MBR7685Colorado Mortgage Company Registration

Licensing & 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.

How this page connects

Where this fits in the buying a home library

This page sits inside our Buying a home coverage.

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Ask Sam AI

Ask SAM anything about mortgages

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

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

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

Ask Sam AI provides general educational information only. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Never share a Social Security number, ITIN, date of birth, account number or password in chat. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.

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  1. 1Sign in to your Google account and search a mortgage topic such as "mortgage rates".
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