SoFi Mortgage Review 2026
SoFi mortgage overview
A digital financial services company based in San Francisco, SoFi first offered mortgages in 2014. Today, it serves all 50 states, although refinances are not offered in New York.
- Areas of service: All 50 states, although no refinances in New York
- Digital service: Online-only lender
- Headquarters: 234 1st St., San Francisco, CA 94105
- Website: Sofi.com
SoFi rates and fees
Rates
SoFi posts mortgage rates for loans of $362,000 on its website, and updates the APRs daily. Compared to other lenders, SoFi’s rates are on the high end, with an average rate at 0.74 percentage points above the average prime offer rate (APOR) in 2024. The APOR is the benchmark lenders use for setting the lowest APR they typically offer on mortgages.
SoFi’s rate spread in 2024 tripled from its 2023 rate spread. That means homebuyers are paying more for home loans.
Fees
Based on Home Mortgage Disclosure Act (HMDA) data, the average total loan costs for a SoFi mortgage were $5,336. Those costs typically cover expenses like an appraisal, title insurance, title search, taxes, recording fees, application fees, origination fees and other costs. SoFi also charges a lender fee, but does not disclose that amount on its website. Homebuyers should inquire about the lender fee when speaking with a SoFi loan officer.
Compared with other lenders, SoFi’s average total loan costs are highly competitive based on HMDA data.
Available only to SoFi members and SoFi Plus members, SoFi offers a one-time $500 discount on the standard $1,495 origination fee for a home purchase or refinance mortgage and $200 discount on the $1,295 origination fee for a home equity loan or HELOC. SoFi Plus members could receive an additional one-time discount of $500 on origination fees for a home purchase or refinance mortgage.
What types of mortgage loans does SoFi offer?
SoFi offers a variety of home loans, including:
Conventional loans
SoFi offers three types of conventional loans: fixed-rate mortgages, rate-and-term refinances and cash-out refinances.
Conventional loan qualification requirements
- Down payment of at least 5%
- Minimum of 580 credit score for cash-out refinance
Learn more about conventional mortgage rates.
FHA loans
Backed by the Federal Housing Administration (FHA), FHA loans help homebuyers with imperfect credit and less down payment funds qualify for a home loan.
FHA loan qualification requirements
- Minimum credit score of 600
- Minimum down payment of 3.5%
Learn more about FHA loan rates.
VA loans
VA loans, backed by the U.S. Department of Veterans Affairs, don’t require down payments or high credit scores. Also, SoFi doesn’t charge origination fees on VA loans.
VA loan qualification requirements
- Must provide a certificate of eligibility (COE)
- Minimum credit score of 600
Learn more about VA loan rates.
Jumbo loans
With SoFi’s jumbo loans, homebuyers can borrow up to $3 million without having to pay for private mortgage insurance (PMI).
Jumbo loan qualification requirements
- Minimum down payment of 10%
- Minimum credit score of 720
- Low debt-to-income (DTI) ratio
- Maximum loan-to-value ratio is 90%
- Adequate cash reserves
Learn more about jumbo loan rates.
Home equity loans and lines of credit
With a home equity loan, you can access up to 85% or $350,000 of your home’s equity without paying an origination fee if you opt for a higher interest rate. For a home equity line of credit, you can access up to 90% or $500,000 of your home’s equity, with a repayment period of up to 20 years.
Home equity loan qualification requirements
- Minimum credit score of 680
- Maximum DTI ratio of 50%
- Maximum combined loan-to-value is 85% of home’s value
HELOC qualification requirements
- Minimum credit score of 680
- Maximum DTI ratio of 45%
- Between 15% and 20% of home equity
Learn more about [HELOC rates].
SoFi mortgage qualifications
| Credit score minimum | 580 to 720 |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Conventional: Not disclosed FHA: Not disclosed VA: Not disclosed Jumbo: 43% |
| Down payment minimum | Conventional: 5% FHA: 3.5% VA: 0% Jumbo: 10% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
SoFi doesn’t disclose all of its minimum requirements for approval or denial of an application. However, based on 2024 nationwide data, SoFi approved customers who, on average, had a loan-to-value (LTV) ratio of 75.2% or better. While 14.5% had a debt-to-income (DTI) ratio below 40%, nearly 30% had a DTI greater than 43%.
In 2024, SoFi rejected approximately 30% of mortgage applicants, which trends toward the high end for other large, national mortgage lenders. Typically, many large lenders have rejection rates between the low teens and the mid-thirties.
How to apply for a SoFi mortgage
1. Choose your loan type
Go to Sofi.com, and choose the loan type you want from the top menu bar. If you aren’t sure of the loan type you want, scroll down to “Best-in-class home mortgage loans built around you” to review the different loan types.
2. Get prequalified
To see possible mortgage rates you could receive, click on the “View your rate” or “Get started” buttons to provide preliminary personal information. If you get accepted, you may receive a prequalification letter.
3. Submit a loan application
After you are prequalified, SoFi will require more specific personal information and documents for review. If accepted, SoFi will issue a verified preapproval letter you can present with any offers to purchase.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.
Is it safe to get prequalified with SoFi?
Getting prequalified or preapproved with SoFi is safe. Your credit won’t be affected because SoFi does a soft pull on your credit. With a preapproval letter, sellers will know your offer is solid, which could increase your chances of closing.
SoFi’s customer service experience
SoFi’s Home Loans Customer Service is available from 6 a.m. to 3 p.m. PT Monday through Friday to answer any questions.
- Phone: 844-763-4466
- X: @SoFiSupport
To chat with customer service, sign up for a SoFi account and then log into your account.
While other large, national lenders may have 24-hour customer service hours, SoFi’s customer service hours are more limited, which may not be convenient for all borrowers.
How does SoFi compare to other lenders?
 |  |  |
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| LendingTree’s rating | Back to our SoFi summary | Read our SoFi vs. PenFed comparison | Read our SoFi vs. AmeriSave comparison |
| Minimum credit score | 580 | 620 | 500 |
| Minimum down payment | 0% to 10% | 0% to 3.5% | 0% to 20% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan. | 0.74% | 0.72% | 2.63% |
| Loan products and programs |
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| Better for: | Homebuyers looking to close on a home without delays. | Homebuyers with great credit who prefer an in-person experience. | Homebuyers who want to apply for and manage their home loan online. |
SoFi vs. PenFed
PenFed may offer lower interest rates than SoFi provided you have great credit, but, according to HMDA data, the lender’s total loan costs are higher than with SoFi. In addition, while you can start a loan application online with PenFed, you’ll have to call or go in person to complete the loan application, which could be a deterrent for some borrowers. You’ll also have to join the credit union in order to apply.
→ Read more in our full PenFed mortgage review.
SoFi vs. AmeriSave
While both lenders offer an online-only experience for those looking to manage their home loan remotely, SoFi offers a closing guarantee, so you are compensated if your closing is delayed. Also, based on HMDA data, SoFi’s rate spread and total loan costs are lower than those of AmeriSave, which could result in substantial savings.
→ Read more in our full AmeriSave mortgage review.
Ready to compare lender offers on LendingTree?
How LendingTree rated SoFi Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
SoFi’s scorecard:
⭕ Publishes rates online
✅ Offers standard mortgage products
✅ Includes detailed product info online
✅ Shares resources about mortgage lending
✅ Provides an online application
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❌= 0 points ⭕= 0.5 points ✅= 1 point
Frequently asked questions
On the SoFi website, you can get rate quotes, prequalify and complete your loan application. If you receive a SoFi mortgage, you can use the website or mobile app to manage your loan account.
Yes. SoFi was founded in 2011 and started offering mortgages in 2014. The company serves all 50 states.
You can view more info about SoFi’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Yes, applying for a home loan will affect your credit score. On average, your credit score could drop more than 20 points, but it typically recovers within one year.
SoFi has a rating of 4.2 out of 5 on Trust Pilot, which is based on more than 10,000 customer reviews as of this writing. That rating is considered “Great,” meaning that SoFi customers who left a review were satisfied with the service and experience they received.
For customers who left critical reviews, a common theme was frustration with customer service due to a lack of communication or support. Problems included frozen or closed accounts as well as delays in getting approval or loan funds.
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