A mortgage shopping worksheet puts every FHA offer into one grid, built from same-day Loan Estimates, so you compare total cost and not just the advertised rate. It turns a pile of PDFs into a side-by-side view that shows which offer costs less to own.
By the end of this guide you will have a completed comparison and a clear lock decision. Before you start, have these ready: a rough credit score, your income and monthly debt figures, a target price, and three to five lenders or brokers to contact.
Step 1: Gather your FHA starting numbers
Every lender needs to quote the same scenario, so settle these inputs first and write them at the top of your worksheet:
- Target purchase price and county
- Down payment amount
- Credit score range
- Total monthly debts (car, student loan, cards, other)
- Gross monthly income
- Estimated closing date
Credit score and down payment
FHA minimums under HUD Handbook 4000.1, as of October 2026:
- 580 or higher: eligible for 3.5% down
- 500 to 579: eligible with 10% down
These are program floors, not what every lender uses. Individual lenders can set stricter minimums, called overlays, so a 590 score may be approved by one and declined by another. Duane Buziak can check your scenario with a NoTouch Credit Pull, a soft pull that does not create a hard inquiry, so you can learn where you stand before any formal application.
County loan limit
FHA limits vary by county. For 2026 (HUD Mortgagee Letter 2025-23, for case numbers assigned on or after January 1, 2026), as of October 2026:
- Floor, 1-unit: $541,287
- Ceiling, 1-unit: $1,249,125
Look up your county on the HUD FHA loan limit lookup and confirm your base loan amount fits. Check it again at hud.gov if you read this long after the date above, since limits reset each year.
Mistake to avoid: giving each lender a slightly different price, down payment, or credit estimate. A quote built on a $300,000 price cannot be compared with one built on $310,000. Copy the same numbers into every request.
Step 2: Build the worksheet grid
Use a spreadsheet or a sheet of paper. Make one column per lender or broker, and add these rows:
- Lender or broker type
- Interest rate
- Discount points or lender credits
- APR
- Lender fees
- Upfront MIP
- Annual (monthly) MIP
- Estimated monthly payment
- Cash to close
- Rate lock length
- Lock cost
- Notes
The two MIP rows are what separate an FHA worksheet from a generic one. Upfront mortgage insurance premium (UFMIP) is 1.75% of the base loan amount (HUD Mortgagee Letter 2015-01, as of October 2026) and is usually financed into the loan. Annual MIP is charged monthly and varies by loan term, loan-to-value, and loan amount. Both are easy to forget, and both change your payment and cash needs.
Terms in plain language
- APR: the rate expressed with certain loan costs folded in, so it reflects cost better than the note rate alone.
- Discount points: fees paid upfront to lower the rate. One point equals 1% of the loan amount.
- Lender credit: money applied toward closing costs in exchange for a higher rate. Credits, along with seller contributions, are how buyers build no-out-of-pocket closing options.
- Rate lock: a commitment to hold your rate for a set number of days while the loan closes.
The notes row matters more than it looks. Record the loan officer’s name, how quickly they answered, and any conditions attached to the quote, such as “rate valid only with 600+ score.” Responsiveness during a purchase deadline is part of what you are buying.
Step 3: Request Loan Estimates on the same day for the same scenario
The Loan Estimate is the standardized three-page form created by the Consumer Financial Protection Bureau (CFPB). Lenders must deliver it within three business days of receiving a complete application, according to the CFPB Loan Estimate explainer. Because every lender uses the same layout, you can compare them line by line. A rate quoted over the phone or in an ad is not a Loan Estimate, so ask for the written form.
Time the requests together
Rates move daily and sometimes within the day. Send all requests within the same day or two, and ask each lender for the same lock period, such as 30 or 45 days. If one quote assumes a 15-day lock and another a 45-day lock, the rates are not comparable.
Credit pulls and your score
A common worry is that each application dings your score separately. Scoring models generally treat multiple mortgage inquiries within a short window as a single inquiry. The length of that window depends on the scoring model, commonly cited as somewhere between 14 and 45 days, so confirm the current window in the CFPB’s guidance on credit inquiries and ask each lender which model they use. Cluster your applications inside the shortest window to be safe.
Also ask every lender up front whether they need a hard pull before issuing a Loan Estimate. Practices differ, and you should hear the answer from each one rather than assume. Duane Buziak starts with a NoTouch Credit Pull, which is a soft pull and has no hard inquiry.
Tip: ask each lender for two versions of the quote: one with discount points and one without. Your grid will then show the tradeoff directly instead of leaving you to guess whether buying the rate down pays off.
Step 4: Transfer each Loan Estimate into the grid
Work through each Loan Estimate in the same order so nothing is missed:
- Page 1: interest rate, monthly payment estimate, and estimated cash to close.
- Page 2, Section A (origination charges): fees the lender or broker controls, including any discount points.
- Page 2, Section B (services you cannot shop for): items such as the appraisal and credit report, chosen by the lender.
- Page 2, Section C (services you can shop for): items such as title services, where you may choose your own provider.
- Page 3: APR and total interest percentage (TIP).
Split lender-controlled fees (Section A) from third-party costs in your notes. Title and appraisal charges tend to be similar across offers, while Section A is where a low rate can hide a high origination charge. Any lender credit that offsets costs also appears in this area. When you discuss credits or seller contributions, ask what no-out-of-pocket closing options each lender can structure, and record the rate that goes with them.
An illustrative comparison
These two offers are hypothetical and use a $290,000 base loan on a 30-year FHA loan:
- Offer A: 6.125%, no points, $1,800 in origination charges. Principal and interest is roughly $1,762 a month.
- Offer B: 5.875%, 1.5 points ($4,350), $2,400 in origination charges. Principal and interest is roughly $1,716 a month.
Offer B saves about $46 a month but costs about $4,950 more upfront. It takes roughly nine years to break even. If you expect to sell or refinance in five years, Offer A is cheaper overall, despite the higher rate.
Step 5: Calculate the true monthly cost with MIP, taxes, and insurance
The rate on a Loan Estimate is only one piece of what you will pay. Here is a hypothetical example, for illustration only, of the full monthly cost.
Worked example: $300,000 home in Henrico County, VA
- Down payment (3.5%): $10,500
- Base loan amount: $289,500
- Upfront MIP (1.75%): $5,066.25, financed for a total loan of $294,566.25
- Annual MIP at 0.55%: about $132.69 a month on the base amount. This tier applies to a 30-year loan with LTV over 95% and a loan amount at or below $726,200 (HUD Mortgagee Letter 2023-05, effective March 20, 2023; confirm against HUD Handbook 4000.1, Appendix 1.0, as of October 2026). Other tiers range from 0.15% to 0.75%, so check which one your loan falls into.
- Property tax: Henrico’s rate is $0.85 per $100 of assessed value (henrico.us, as of October 2026). If assessed at the purchase price, that is $2,550 a year, or $212.50 a month.
- Principal and interest: at a sample 6.25% rate on $294,566.25, about $1,814 a month.
- Homeowners insurance: a sample figure of $100 a month. Your actual quote will differ.
Together, that is roughly $2,259 a month. The 6.25% rate and the insurance figure are samples, not quotes.
Apply the same lines to every column
Annual MIP and property tax do not change from lender to lender for the same loan and home. Enter them identically across the grid, so any difference in the final monthly figure comes from the rate, points, and fees. That is the comparison you want.
Other localities
- Chesterfield County: $0.89 per $100 (chesterfield.gov/823, as of October 2026)
- Hanover County: $0.81 per $100 (hanovercounty.gov/386, as of October 2026)
- Stafford County: confirm the current rate at staffordcountyva.gov before you budget, since it has been in flux.
- Florida buyers: the homestead exemption under Florida Statute 196.031 does not apply in your first year of ownership, so budget for taxes without it initially.
Step 6: Ask the follow-up questions, compare, and lock
Add three questions to the bottom of your worksheet and ask every lender:
- Do you add overlays above the FHA minimums for credit score or debt ratios?
- What is the lock period, and what does an extension cost if closing slips?
- Are you a broker who can shop several wholesale options, or a single lender selling its own products?
The last question shapes what you can compare. A single lender can only offer its own pricing. Duane Buziak is a licensed mortgage broker, not a lender, and can compare FHA purchase mortgage options across multiple wholesale sources. That lets you test a single-source quote against the broader market with a Dare to Compare challenge: bring a Loan Estimate you already hold and ask for a comparison.
Score the grid
Rank the offers in two passes. First, rank by total cost over the time you expect to stay in the home, using upfront costs plus monthly payments, as in the break-even math from Step 4. Second, use your notes row to rank service and responsiveness. If the cost gap is small, the more reliable team usually wins. If you want a national online benchmark, add a column for a company like Rocket or Movement, entered from a Loan Estimate you actually receive, just as you would for any other lender.
Decide and lock
Choose your offer and request the lock in writing, confirming the rate, points, lock length, and expiration date. Keep the other Loan Estimates on file. If the first choice cannot meet its terms, you can go back to the runner-up without starting over.
Before You Lock: A Final Check of Your Grid
Re-read the completed grid once more before you commit. Confirm that every column uses the same price, down payment, credit range, and lock period, and that the MIP, tax, and insurance lines match across all offers. A single mismatched input can reverse your ranking.
If you want a second set of eyes, send your Loan Estimates to Duane Buziak at FHA Mortgages by Duane Buziak for a review. As a broker with access to hundreds of wholesale lenders, he can show you where an offer stands and what no-out-of-pocket closing options may be available for your scenario. Common questions about FHA credit scores, down payments, and MIP are answered in the FAQ on this page.
Ready to take the first step toward homeownership with an FHA loan tailored to your needs? Schedule your free consultation today and discover how our award-winning team can help you navigate the path to your new home with competitive rates and expert guidance. Call 804-212-8663 or visit 4860 Cox Rd, Glen Allen, VA 23060.
