Getting approved for a mortgage isn’t always easy—especially if you’re self-employed, carry student loans, or have a nontraditional income stream. That’s where SoFi comes in. Known for working with high-earning professionals, SoFi offers flexible mortgage options with no PMI and a fully digital application process.
Whether you’re looking for the predictability of a fixed-rate loan or want to take advantage of lower initial rates with an ARM, SoFi has options designed for borrowers who may not fit the mold of traditional lending. With competitive rates, no origination fees, and fast closings, SoFi is built for financially strong applicants who value speed, simplicity, and tech-forward service.
Who Should Consider a SoFi Mortgage
SoFi works best for borrowers who want a streamlined, digital mortgage process and can meet moderate to strong financial requirements. It’s a solid fit for:
- High-income or self-employed professionals: SoFi considers factors like income stability and earning potential, which can benefit freelancers, contractors, and business owners.
- First-time homebuyers with solid credit: With down payments starting at 3% on conventional loans, SoFi is accessible to qualified first-time buyers who don’t have a full 20% saved.
- Borrowers with student loan debt: SoFi’s flexible underwriting can work in your favor if your debt-to-income ratio is higher due to education loans.
- Eligible VA borrowers: SoFi offers VA loans with no down payment and competitive terms for veterans, active-duty service members, and eligible spouses.
- Tech-savvy borrowers: If you prefer to apply, upload documents, and track your loan status entirely online, SoFi’s digital platform makes the process fast and simple.
SoFi isn’t limited to conventional borrowers anymore—its expanded offerings now make it a strong contender for a wider range of buyers looking for low-cost, no-hassle home financing.
SoFi Mortgage Requirements
SoFi is best for borrowers with solid income and credit who are comfortable with a more traditional loan structure. Here’s what you need to qualify:
- Credit Score: Minimum of 620 for most loans. Jumbo loans may require a higher score depending on the loan size and risk factors.
- Minimum Down Payment: 3% for first-time buyers, 5% for most conventional borrowers, 3.5% for FHA loans, 0% for VA loans, and 10% for jumbo loans.
- Minimum Loan Amount: $75,000
- Debt-to-Income Ratio: Typically capped at 45%, but SoFi may allow higher ratios for applicants with strong income and credit history.
- Availability: SoFi offers home purchase loans in every state except Hawaii. Refinancing is available in all states except Hawaii and New York.
SoFi’s flexible underwriting also considers factors like income potential and employment history, which can be a plus for self-employed borrowers or professionals early in their careers.
Mortgage Options Offered by SoFi
SoFi offers both conventional and government-backed mortgages, plus jumbo loans and adjustable-rate options. All loans are processed online with access to support if you need it.
| Loan Type | Term Options | Rate Type | Minimum Down | Best For |
|---|---|---|---|---|
| Conventional Loan | 10, 15, 20, or 30 years | Fixed or Adjustable | 3% | Buyers with strong credit |
| FHA Loan | 15 or 30 years | Fixed | 3.5% | Borrowers with lower credit scores |
| VA Loan | 15 or 30 years | Fixed or Adjustable | 0% | Eligible veterans and service members |
| Jumbo Loan | 15 or 30 years | Fixed or Adjustable | 10% | High-priced homes above loan limits |
| 7/1 ARM | 30 years | Adjustable after 7 yrs | Varies | Buyers planning to move or refinance |
Note: SoFi does not offer USDA loans.
SoFi Refinance and Home Equity Options
SoFi gives homeowners a few ways to access better rates or tap into the value of their home, whether through refinancing or a home equity loan.
Refinance options are available to borrowers looking to lower their interest rate, change their loan term, or access equity. For homeowners who want to keep their current mortgage intact, SoFi’s home equity partnership offers a second-lien option with flexible terms.
Refinance
SoFi offers both fixed-rate and adjustable-rate refinance loans. You can apply entirely online and expect a streamlined process with fast closing timelines.
- Rate-and-term refinance: Lower your interest rate or switch to a shorter term without pulling cash from your home.
- Cash-out refinance: Convert home equity into cash for renovations, debt repayment, or large purchases.
- Student loan payoff option: Use equity to pay off existing student loan debt directly—something not all lenders allow.
- Availability: Refinance loans are available in every state except Hawaii and New York.
Home Equity
SoFi partners with Spring EQ to provide fixed-rate home equity loans as a second mortgage—ideal for borrowers who want to keep their existing home loan.
- Fixed interest rates: Your rate stays the same for the life of the loan.
- Fast funding: You could receive funds in as little as two weeks.
- Minimal paperwork: The application process is simple and fully online.
- Multiple terms available: Choose a repayment timeline that fits your budget.
SoFi Mortgage Rates, Fees, and PMI Policy
SoFi stands out for keeping costs low and making rates easy to preview, especially for borrowers with strong financial profiles.
- No private mortgage insurance (PMI): SoFi does not require PMI, even with down payments under 20%.
- No origination or application fees: You won’t pay upfront costs that are common with other lenders.
- Transparent rates: You can view real-time mortgage rates directly on SoFi’s website.
- Soft credit pull: Get prequalified and see personalized rates in minutes without impacting your credit score.
These low-fee policies can significantly reduce the cost of getting a mortgage, especially for borrowers who make at least a 10% down payment.
Extra Perks for SoFi Borrowers
When you finance your home through SoFi, you get more than a mortgage. Borrowers gain access to additional tools and support that can help with long-term financial growth.
- Career coaching and job support: SoFi offers personalized career advice, résumé reviews, and job search tools.
- Access to member events: From networking events to casual local meetups, borrowers can connect with others in the SoFi community.
- Mortgage calculators and tools: SoFi’s site features helpful calculators to estimate monthly payments, affordability, and savings.
- All-in-one access: SoFi’s mortgage, banking, investing, and budgeting tools are all available in one app, making it easier to manage your full financial picture.
SoFi Mortgage Application Process
SoFi’s mortgage process is fully digital and built for speed. You can start online and move through each step with minimal paperwork and fast turnaround times.
- Prequalify online: Start by checking your personalized rates in about two minutes. This step uses a soft credit pull, so it won’t affect your credit score.
- Review customized loan offers: Based on your credit, income, and down payment, SoFi will show you tailored loan options with estimated rates and terms.
- Submit documents: Upload income, asset, and ID documents through the online portal. SoFi only requires you to submit them once.
- Get preapproved: Once verified, you’ll receive a preapproval letter that shows sellers you’re a serious buyer.
- Work with a loan officer: If you have questions or need help at any point, a SoFi loan officer is available to guide you.
- Close your loan: Most SoFi mortgages close in about 28 days from preapproval to funding, depending on the property and documentation.
SoFi Mortgage Reviews
Borrowers generally have positive things to say about SoFi’s mortgage experience. The digital process is often described as fast and easy to navigate, with many customers praising how quickly they were able to move from prequalification to closing. SoFi’s rates are also considered competitive, especially for borrowers with strong credit profiles.
Customer service gets high marks as well, with many reviewers mentioning responsive loan officers who provide helpful guidance throughout the process. That said, some borrowers report frustration with stricter credit score requirements for jumbo and ARM loans. Others note that SoFi’s mortgage products aren’t available everywhere—home purchase loans aren’t offered in Hawaii, and refinancing is unavailable in both Hawaii and New York.
SoFi currently holds an A rating from the Better Business Bureau and has relatively few complaints for a lender of its size.
Final Thoughts
SoFi is a strong option for borrowers who want a fast, online mortgage process with minimal fees. With competitive rates, no PMI, and loan programs that now include FHA and VA options, SoFi appeals to a wide range of buyers—including first-timers, self-employed professionals, and those with student debt.
It’s especially well-suited for people with steady income and good credit who value convenience and transparency. If you’re comfortable applying online and want access to additional perks like career coaching and financial tools, SoFi is worth a serious look.