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research influence how products appear on a page.

SoFi Mortgage Review

Updated May 02, 2023   |   5 mins read

Key Points

  • SoFi allows you to complete the entire mortgage application process online
  • You can qualify for SoFi mortgages even with non-traditional income sources
  • SoFi members can score discounts, including up to $500 off processing fees*
  • You can put down as little as 10% on loans up to $3 million
  • SoFi doesn’t offer government-backed loans, such as FHA loans or VA loans

SoFi Mortgage

SoFi Mortgage
Editorial Rating

SoFi Mortgage

Editorial Rating

What we like:

SoFi allows you to qualify with non-traditional sources of income

Minimum Credit ScoreNot disclosed
Minimum Down Payment10%
Loan TermsFixed: 15 or 30 years
Adjustable: 5/1 or 7/1
Other Loan TypesConventional and jumbo loans with fixed and variable APRs; mortgage refinance loans
See how SoFi stacks up against top mortgage options

SoFi is an online lender that offers conventional and jumbo mortgages, as well as mortgage loan refinancing. You can choose between either a fixed-rate mortgage or an adjustable-rate mortgage, but you can’t get a government-backed mortgage, such as an FHA loan.

SoFi makes the mortgage application simple, since you can complete an online application. This SoFi mortgage review will break down the home loans SoFi has to offer, so you can decide if it’s the right lender for you.

In this review:

SoFi Mortgage: By the Numbers

ConventionalJumboRefinance Cash-Out Refinance  
Min. Down Payment10%10%10% (CLTV of 90%)10% (CLTV of 80%)  
Loan TermsFixed: 15 or 30 years
ARM: 5/1 or 7/1
Fixed: 15 or 30 years
ARM: Not disclosed
Not disclosedNot disclosed
Prepayment Penalty$0$0$0$0

Pros and Cons of a SoFi Mortgage

SoFi offers homebuyers some unique advantages that many other lenders don’t, and these benefits are definitely worth considering when deciding if a SoFi mortgage is right for you. Of course, there are some downsides, also.


  • Jumbo loans are available with lower down payments than many other lenders require.
  • If you have investment or self-employment income, SoFi is more willing to work with you than many other lenders are.
  • You can complete the entire mortgage application process online or can choose to talk with a mortgage loan officer for help if you need it.
  • SoFi membership comes with benefits including reduced origination fees, access to financial services, and even reduced interest rates if you take out multiple different types of loans from SoFi.
  • SoFi doesn’t require Private Mortgage Insurance (PMI) on jumbo loans.


  • SoFi does not offer any loans backed by the government, such as FHA or VA Loans. These government-insured loans can make it easier for borrowers to qualify for loans, even with credit scores of as low as 500 low-to-no down payments.
  • SoFi does charge some lender fees that other lenders, such as Better Mortgage, do not charge for mortgage loans.
  • SoFi doesn’t provide home equity loans or home equity lines of credit
  • SoFi does require PMI on conventional conforming loans.

Eligibility & Application Requirements

SoFi is a great option for borrowers who have decent credit and who want to qualify for a mortgage with a down payment below the standard 20%.

While you cannot get a down payment as low as 3%, as you can with some other lenders, SoFi is an especially good option if you’re looking for a jumbo loan that allows you to buy with less down.

Here are some of the eligibility requirements you need to know about if you’re hoping to borrow with SoFi:

  • SoFi doesn’t disclose its minimum credit score.
  • You’ll need a down payment of at least 10%
  • You must provide proof of income and a stable employment history
  • You’ll need a satisfactory debt-to-income ratio (ideally, less than 43%, based on our estimates)

How to Apply for a SoFi Mortgage Loan

To apply for a SoFi mortgage loan:

  • Visit SoFi’s get started page to create an account
  • Provide details about the type of loan you’re applying for, your down payment, and whether the residence will be a primary home, investment property or second home
  • Input basic financial and personal information, including info about marital status, income and expenses
  • Get rate quotes from SoFi for different loan products
  • Select a loan and move on to get pre-approved by providing additional details
  • If you like the terms you receive after pre-approval, submit a formal loan application
  • Close on your loan after approval

Information You Need to Apply

To apply for a SoFi mortgage, you’ll need to provide some basic information, including:

  • Personal information, such as your name, marital and employment status, and your SSN
  • Tax records
  • Bank statements
  • Pay stubs
  • Proof of other sources of income
  • Details about the property you’re purchasing

Not Sure if a SoFi Home Loan is Right for You?

Your mortgage debt is likely the biggest debt you’ll ever take on, and you may spend decades repaying it. Because of this, you want to make sure you choose the right lender.

Fortunately, you have a lot of options when it comes to which lender you get a mortgage from. Check out the other options on our list of the best mortgage lenders, seek mortgage prequalification or pre-approval, and compare the quotes you receive to find the loan that works for you.

However, if you came looking for a government-backed loan, you’ll need to look elsewhere. Our lists of the best FHA lenders or the best VA lenders would be a great place to start.

How We Rate Mortgage Lenders

SoFi was rated second out of 18 mortgage lenders based on LendEDU’s proprietary ranking system. This system takes into account a total of 12 different data points, giving different weight to each metric depending on its importance. Here are the factors considered in our scoring system, along with the weight assigned to each different factor:

  • Better Business Bureau Rating (10%)
  • TrustPilot Rating (5%)
  • States Available (5%)
  • Lender Fees (10%)
  • Application Fees (10%)
  • Number of Branches (5%)
  • Number of Licenses and Registrations (5%)
  • Number of Regulatory Actions (5%)
  • Number of Mortgage Loan Originators (5%)
  • Customer Support (20%)
  • Zillow Rating (10%)
  • Other Rewards and Extra benefits (10%)

*Read SoFi’s Disclaimer here.