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SoFi is a convenient mortgage lender for borrowers looking for an easy online experience. It accepts relatively low credit scores on its VA loans, and its average rates and fees are on the low end. But its loan offerings are fairly limited.
SoFi Home Loans
Insider’s Rating
4.18/5
Recommended Credit
620
Minimum Down Payment
3%
Types of Loans Offered
Conventional, FHA, VA, HELOC, JUMBO
Pros
- Easy to use
- Great rate personalization tool
- Allows low scores on VA loans
- Member benefits available to previous customers
Cons
- Doesn’t offer USDA loans
- Minimum credit score for FHA loans is 600
Insider’s Take
SoFi Home Loans is a convenient online mortgage lender for conventional mortgage borrowers looking for an easy online experience. It also recently started offering FHA and VA loans, and will accept credit scores as low as 600 on both of these mortgages.
Understanding SoFi Mortgages
Nationwide Lending
SoFi offers mortgages through a completely online lending experience. SoFi lends in all US states and Washington, D.C., though it doesn't offer refinances in New York.
In April 2023, SoFi acquired Wyndham Capital Mortgage, another online mortgage lender.
Loan Options
You can get the following types of mortgages from SoFi:
- Conforming loans
- Jumbo loans
- FHA loans
- VA loans
- HELOCs
SoFi Mortgage Interest Rates and Fees
Based on our review of the latest Home Mortgage Disclosure Act data, SoFi's average mortgage rates are relatively low compared to other lenders.
SoFi shows a small sampling of interest rates on its main "home loans" page. To see personalized rates, click on "explore options" under SoFi's sample rates. This helpful tool lets you see what rate you might get based on your purchase price, down payment, credit score, and the location of the property.
In 2022, the average borrower getting a conforming mortgage from SoFi paid $2,986 in origination charges, according to the latest HMDA data. This is on the low end compared to other mortgage lenders.
If you've previously gotten a personal loan or student loan from SoFi, have a $10,000 minimum balance in your SoFi Invest account, or are a SoFi Money account holder, you may be able to get $500 off your origination fee on your first SoFi mortgage. This fee is typically $1,495.
Sofi Home Loans Overall Lender Rating
Loan Types: 3.5 out of 5
SoFi's loan offerings are relatively basic, but they should still meet most borrowers' needs. The lender also offers a HELOC that lets you borrow up to 90% of your home's equity, with lines of credit going up to $500,000.
Affordability: 4 out of 5
We think SoFi is overall an affordable lender thanks to its low average rates and fees and the fact that it offers multiple low down payment mortgage options. The minimum credit score for its FHA and VA loans is 600, which is relatively low for VA loans but a bit higher than the typical 580 on FHA loans.
Customer Satisfaction: 4.73 out of 5
On its Trustpilot page, SoFi has a 4.6 out of 5-star rating, based on over 8,000 online customer reviews. On its Zillow lender page, it has a 4.86 out of 5-star rating, based on over 1,600 customer reviews.
Trustworthiness: 4.5 out of 5
SoFi currently has an A+ rating with the Better Business Bureau. BBB ratings indicate a company's level of honesty in its advertising, transparency about its business practices, and effectiveness in responding to customer complaints.
SoFi has, however, been the subject of recent legal action. In 2021, SoFi Wealth settled a charge from the Securities and Exchange Commission claiming the company breached its fiduciary duties when it moved some account holders' assets into its own ETFs, which caused many of these customers to incur capital gains.
Sofi Home Loans Pros and Cons
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Offers a Customer Discount
You might like working with SoFi if you already have an account with this lender, since you could get a $500 discount on your origination fee. This discount is available to SoFi personal and student loan borrowers as well as SoFi Money and SoFi Invest account holders who have a sufficient balance.
Low Credit Requirements for VA Loans
Many VA mortgage lenders require borrowers to have a credit score of 620 or higher. SoFi will accept borrowers with scores down to 600.
This is also the minimum credit score you need to get an FHA loan with this lender. Many FHA lenders allow scores down to 580 with a 3.5% down payment, or 500 with 10% down.
What Borrowers Are Saying About SoFi Mortgages
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about SoFi's mortgage process.
Smooth Process With Great Customer Service
Previous borrowers said the mortgage process with SoFi was simple and quick, and that the loan officers they worked with were helpful and communicative.
How SoFi Compares
SoFi Mortgage vs. Better
Better Mortgage is another popular online mortgage lender that offers low rates and a super convenient online process. However, it's average fees are on the high end, so you might prefer SoFi if you're looking to keep your out-of-pocket costs low. Better and SoFi's mortgage offerings are identical.
Better Mortgage Review
Sofi Mortgage vs. Rocket Mortgage
Rocket Mortgage is another large online-only lender, and it's one of the best mortgage refinance lenders. Rocket's loan options are similar to SoFi's, though Rocket has home equity loans rather than HELOCs.
Rocket also has a few programs, including its ONE+ mortgage, which offer assistance to low-to-middle income borrowers in eligible areas. If you're looking for down payment assistance, you might like Rocket Mortgage. It also ranks high in customer satisfaction, earning the No. 2 spot in J.D. Power's 2023 Mortgage Origination Satisfaction Study.
Rocket Mortgage Review
SoFi Mortgage FAQs
Is SoFi a mortgage lender?
SoFi is a mortgage lender that offers mortgages in all 50 states. It also offers online banking services and other financial products.
Is SoFi a legitimate lender?
Yes, SoFi is a legit mortgage lender. If you're looking for a lender with a simple online process, SoFi might be a good fit for you.
What credit score do you need for SoFi?
You'll need a minimum credit score of 620 to get a conventional mortgage from SoFi, or a score of at least 600 for an FHA or VA loan.
What is the SoFi mortgage processing fee?
SoFi charges a $1,495 origination fee, though you may be able to get a $500 discount on this fee if you are a current SoFi customer.
Are SoFi's mortgage rates competitive?
SoFi's mortgage rates are very competitive; based on our review of HMDA data, its average rates are low compared to other lenders.
Is SoFi's customer service good for mortgages?
Based on the customer reviews we looked at, SoFI offers great customer service on its mortgages. Previous borrowers said their loan officers were helpful, friendly, and communicative.
Does SoFi offer any special programs or discounts?
SoFi offers a $500 discount on its origination fee for current SoFi customers.
Why You Should Trust Us: How We Reviewed SoFi Mortgage
For our review of SoFi Mortgage, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Mortgage Reporter
Molly Grace is a mortgage reporter for Business Insider with over six years of experience writing about mortgages and homeownership.ExperienceIn addition to her daily mortgage rate coverage, Molly also writes mortgage lender reviews and educational articles on homebuying and analyzes data and economic trends to give readers actionable and up-to-date information about the housing market.She also tracks affordable mortgage and down payment assistance programs offered throughout the country to keep her readers informed of homebuyer programs available to them.Before Business Insider, Molly was a blog writer for Rocket Companies and helped to create Rocket Mortgage’s Shorty Award-winning podcast Home. Made.Molly is passionate about covering personal finance topics with empathy. Her goal is to make homebuying knowledge more accessible, especially for groups that may think homeownership is out of reach.ExpertiseMolly is an expert in the following topics:
- Mortgages and mortgage lenders
- Home equity
- The housing market
- The economy and the forces that impact mortgage rates
- Budgeting and saving
- Credit
- Insurance
- Retirement savings
EducationMolly earned a bachelor's degree in journalism from Indiana University.She is based in Michigan and has a dog and two cats.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).
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Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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