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SoFi mortgage review

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Choose from multiple loan term options, but financing isn’t available for investment properties.

SoFi originates mortgage loans in 42 states and Washington, DC. Your SoFi membership can earn you discounts on your lender fees, but the lender’s mortgage offerings are limited, and you have to be willing to live at the property for at least the first 12 months.


Loan products offeredConventional, Home equity, Refinance
Minimum credit scoreConventional: 620
Minimum down payment10%
State availabilityNot available in: AK, HI, MO, NH, NM, NY, SD, WV
NMLS #1121636

Does SoFi offer mortgage payment relief?

Yes. SoFi has an Unemployment Protection Program, which allows you to pause repayments on any loan in three-month increments if you lose your job. This can cover up to 12 months over the life of any loan.

And more assistance could be available if your income has been hurt by the coronavirus outbreak. “SoFi home loan members can request hardship relief online by accessing their home loans account and selecting Manage account from their home loans card,” SoFi CEO Anthony Noto tells Finder.

SoFi mortgage 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.
  • Purchasing a home in DC or the states that 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 charges lender fees, but you’ll save $500 if you become a SoFi member.
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.

How SoFi Mortgage’s mortgage products compare to other lenders

Sofi doesn’t offer 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.

SoFi reviews and complaints

As of December 2020, SoFi has an A rating with the Better Business Bureau (BBB) for closing 165 complaints over the past three years, and it earned 1.68 out of 5 stars from customers based on 115 customer reviews. The lender fares much better on Trustpilot, where it gets 3.5 out of 5 stars based on reviews from 2,494 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 Mortgage


A SoFi mortgage can be ideal even for applicants with high student debt, given SoFi’s relaxed debt-to-income limits and underwriting. But you’ll find other advantages over traditional lenders.

  • 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.
  • Fully-online application process. Apply and get access to mortgage rates and a preapproval using the only application process.


SoFi’s minimum mortgage loan starts at $100,000, which could be more than you need in some markets. Keep an eye out for a few other drawbacks as well.

  • Must put down at least 10%. If you don’t have at least 10% of your loan amount to put down, you may need to look into other options. And you’ll need 20% equity to refinance.
  • Limited service. If you don’t live in DC or one of the states SoFi services, you’ll need to find another mortgage lender. SoFi is not available in: Alaska, Hawaii, Missouri, New Hampshire, New Mexico, New York, South Dakota or West Virginia.
  • Mortgage can’t be used for investment. You won’t be able to buy rental property or tendencies-in-common (TICs) with these mortgage loans.

Compare mortgage lenders and brokers

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: AK, HI, MO, NH, NM, NY, SD, WV
No hidden fees, multiple loan terms, and member discounts available.
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
(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.

Compare up to 4 providers

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.

Common questions about SoFi


Review by

Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.

Expert review

If you’re looking to refinance with low rates with an online lender, SoFi delivers with its regular and cash-out refinancing options. But if you need a low down payment option, compare other lenders.

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