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SoFi mortgage review

Customize your term options, but many common mortgage products aren’t available.

SoFi originates mortgage loans in 45 states and Washington, DC. Your SoFi membership can earn you discounts on your lender fees, but the lender’s mortgage offerings are limited, and its minimum mortgage amount is high.

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Loan products offeredConventional, Home equity, Refinance
Minimum credit scoreConventional: 620
Minimum down payment (Conventional)5%
State availabilityNot available in: HI, MO, NM, NY, WV
NMLS #1121636

SoFi Requirements

To be eligible for a mortgage loan through SoFi, you must be:

  • At least 18 years old.
  • A US citizen, eligible permanent resident alien or non-permanent resident alien.
  • Looking to purchase property that you intend to live in for at least 12 months or that is an investment property.
  • Purchasing a home in DC or one of the states where SoFi offers loans.

Ultimately, your loan eligibility depends on your creditworthiness, income, employment status and property eligibility. Any loan with a loan-to-value (LTV) over 80% requires private mortgage insurance (PMI).


Required documents and information varies slightly by the loan type you’re interested in, but in general you need to supply:

  • Your full name and personal contact information.
  • W-2 forms from the previous two years.
  • Recent paycheck stubs.
  • Your most recent federal tax return.
  • A complete list of your debts, such as credit cards, student loans and minimum payments and balances.
  • A list of your assets, including mutual fund and brokerage statements, real estate and car titles and other investment records.
  • Proof of payment for your current rent or mortgage payments.

Costs and fees

SoFi claims its average lender fees are $995, but that includes a $500 discount for being a SoFi member. The average for non-members is $1,495.

In addition to lender fees, you are responsible for any third-party costs associated with buying or refinancing a new house, like getting an appraisal of the home, taking out a homeowners insurance policy and paying taxes.

How to apply for a mortgage with SoFi

To apply for a mortgage loan, start by viewing the interest rates available to you and get preapproved.

  1. Visit SoFi’s website and select Find My Rate.
  2. Open an account with an email and password and choose Get Started.
  3. Enter personal information and select Next.
  4. Enter information about the loan you want. Choose Next to see the available rates, which requires a soft credit check that shouldn’t affect your credit.
  5. View your rates and choose to finish your application to get preapproved for a loan.

What types of mortgages can I get through SoFi?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products offered by SoFi

SoFi doesn’t currently offer specialty loans, but it may expand its mortgage offerings in the future. For now, it offers the following additional mortgage products:

  • Home equity loans. SoFi outsources its home equity loans to Spring EQ, and selecting the Get Pre-Qualified button on SoFi’s website redirects you to the Spring EQ application.
  • Mortgage refinance. This lender allows you to refinance to cash out on your home’s equity or to change the term and interest rate on your loan.

How SoFi’s mortgage products compare to other lenders

Sofi doesn’t offer Jumbo loans, adjustable-rate mortgages (ARMs) or government-backed FHA, VA or USDA mortgages. But in addition to typical 15- and 30-year fixed-rate mortgage terms, the lender allows you to customize your loan by offering 10- and 20-year terms.

Now through July 6th, 2021, SoFi is offering a $20 gift card to potential borrowers who go through the preapproval process, whether or not they are eligible for a preapproval. Applying for preapproval does require a soft inquiry for your credit report, which shouldn’t affect your credit.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
(NMLS #1121636)
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
No hidden fees, multiple loan terms, and member discounts available.
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Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
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(NMLS #1136)
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
Connect with vetted home loan lenders quickly through this online marketplace.

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SoFi reviews and complaints

As of August 2021, SoFi has an A+ rating with the Better Business Bureau (BBB) for closing 159 complaints over the past three years, and it earned 1.24 out of 5 stars from customers based on 70 customer reviews. The lender fares much better on Trustpilot, where it gets a TrustScore of 3.2 out of 5 stars based on reviews from 2,504 users.

Customers who like SoFi comment on the ease of applying online and the friendliness of customer service experts. But frustrated customers report difficulty being approved and applications that cite missing documents but don’t clarify what documents the borrower needs to upload.

Pros and cons of SoFi


  • Multiple fixed-rate terms. Customize your mortgage by choosing from four term options: 10 years, 15 years, 20 years and 30 years.
  • Membership perks. Become a SoFi member and you can get welcome and referral bonuses, a discount on your lender fees and loyalty discounts on personal loan interest rates.
  • Relaxed debt-to-income (DTI) requirements. Unlike other lenders who typically require a lower limit, SoFi’s DTI ratio limit is 50%, making it ideal for applicants with debt, such as high student loans.


  • Limited service area. If you don’t live in DC or one of the states SoFi services, you’ll need to find another mortgage lender. SoFi mortgage are not available in: Hawaii, Missouri, New Mexico, New York, or West Virginia.
  • High mortgage minimum. The smallest mortgage loan you can get is $100,000, which could be more than you need in some markets.
  • Common mortgage products not available. SoFi doesn’t offer Jumbo loans, adjustable-rate mortgages (ARMs) or federally-backed loans, such as FHA, VA or USDA mortgage loans.

What is SoFi?

Social Finance, known more commonly as SoFi, is a relatively new lender that got its start funding and refinancing student loans. In 2015, the company started offering mortgages, along with several other financial products.

In 2017, the company was heavily covered by the press as it faced a sexual harassment lawsuit centered on the behavior of its then-CEO Mike Cagney. The company replaced Cagney with a new CEO, Anthony Noto, and has stayed relatively scandal-free since.

In 2019, SoFi was accused by the Federal Trade Commission of falsely advertising how much customers can save by refinancing. There was no fine or monetary settlement, but the lender is required to make sure all of its future advertisements are fair and honest.

Review by

Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, and, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

If you’re looking for a conventional, fixed-rate mortgage with a customizable loan term, SoFi may be a good fit, especially if you’re willing to become a member, so you can save on your lender fees. But if you’d like to shop around mortgage programs to make sure you get the best deal, you may want to consider other lenders who offer government-backed loans and adjustable-rate options.

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