SoFi Review Staff

In a Nutshell

Social Finance Inc, known as SoFi, is an online lender based in San Francisco. SoFi is best-known for its innovative underwriting process, best in class educational tools and resources, assistance, and easy to use applications.


  • Minimum 10% down payment
  • No hidden fees or pre-payment penalties
  • 100% digital applications


  • SoFi does not originate government insured loans
  • Not licensed in all states

SoFi at a Glance

Loan typesPurchase, refinance
Featured loansConforming, jumbo
Repayment terms15- to 30-years
Minimum down payment10%
Best forTransparent, digital application and low down payment options

SoFi SoFi Visit SoFi


SoFi was founded in 2011 by 4 Stanford Graduate School of Business students who wanted to come up with a model that would compete with the traditional underwriting process used by banks. With the SoFi mortgage product, SoFi will consider non-traditional income such as Restricted Stock Options (RSU) for income qualifying. SoFi’s model has been very successful. To date it has issued more than $30 billion in loans and currently has over 700,000 clients, who they call members. 

Best For?

This service is intended for financially ambitious buyers with good credit scores looking to balance out their down-payment and monthly payments (based on APR) and may not have the standard amount to put down.

Types of Loans

SoFi offers a choice between fixed rates and adjustable rates. Here are some of the characteristics of a SoFi mortgage:

  • 100% online applications, from first rate quote through to closure
  • 2-minute pre-qualification. See how much you can borrow in 2 minutes
  • Jumbo loans up to $3 million with no PMI
  • Minimum down payment of 10%, which is half the standard 20% down required by most lenders for conventional loans
  • Considers non-traditional imcome
  • Borrower must be at least 18 years old, a US citizen or permanent resident, and live in one of the states where SoFi is licensed to offer its services (see Pros and Cons for excluded states)

The Application Process

SoFi’s powerful online underwriting system quickly looks over all your information to get you pre-qualified within a couple of minutes. It also automates much of the process, saving you the time of uploading dozens of pieces of documentation manually.

Each applicant is assigned a dedicated loan officer to guide them through the application process. The applicant can monitor the approval process in real-time through SoFi’s digital platform.

Here are the steps to applying for a SoFi mortgage:

  • Register for an account
  • Enter personal information: Includes name, email, phone number, current home address, whether you own or rent, and your monthly mortgage or rental payments
  • Enter details about the property you’re looking for: Purchase or refinance, location, primary/secondary home or investment property, how long you plan to live there, type of property, estimated purchase price, estimated down payment, and consent to a soft pull of your credit (which does not affect your credit score)
  • View pre-qualified rates and terms
  • Enter employment information: Begin by authorizing SoFi Mortgage to run a credit check, then fill in Social Security number, date of birth, employment status, employer name and contact details, and monthly income
  • Enter details about any assets: Choose whether to retrieve assets electronically or add assets manually. SoFi requires details about checking and savings accounts, life insurance, vehicles, stocks and bonds, retirement plans, business assets, and other assets
  • Enter details about any other properties under your ownership
  • Declare any outstanding court judgments against you, bankruptcies, foreclosures, lawsuits, loan delinquency, alimony or child support. State whether you’ll be borrowing any money to make your down payment

Pros and Cons

SoFi is committed to providing buyers the educational tools and resources, assistance, and easy-to-use application needed to navigate the home buying landscape and offers affordable down payments: Put as little as 10% down on loan up to $3 million and never pay any hidden fees or prepayment penalties.

The main drawback is that SoFi doesn’t offer its services in a number of states. 

Rates and Fees– The Bare Basics


30-Year Fixed

4% to 5%

4% to 5%

Lower monthly payments

15-Year Fixed

4% to 5%

4% to 5%

Fastest way to pay off loan

7/1 ARM

4% to 5%

4% to 5%

Fixed rate for 7 years, then adjusts annually

5/1 ARM interest-only

4% to 5%

4% to 5%

Interest-only for first 5 years, then principal and interest for rest of term

The above table shows the latest rates according to SoFi’s website. APR incorporates interest rates as well as most fees.

Repayment Terms

SoFi offers repayment terms of 15, 20, 25, or 30 years on each of its loan options.

Help & Support

Although SoFi is a mainly digital business, it does offer phone support. When you begin your mortgage application, SoFi appoints you a loan officer to guide you through the process.

How This Company Compares

SoFi MortgageQuicken LoansJ.G. Wentworth

APRs start from




Min. Credit Score 




Min. Down Payment




Max Debt to Income





15-30 years

10-30 years

15-30 years

Best For

First-time buyers and those looking for lower down payment options

Range of home loan options

Lowest rates

The above table compares conventional loans from SoFi Mortgage to conventional loans from other lenders. 


SoFi is an excellent option for borrowers who meet its minimum credit requirements but don’t have what the credit bureaus deem to be an “excellent” credit history and are looking for low down payment options. A SoFi mortgage is an excellent choice if you’re looking for a digital lender and do not have the traditional 20% for a down payment.


Q: Will SoFi run a credit check when assessing my application? 

A: Yes, SoFi does run a credit check of its applicants, and yes, this will affect your credit score. 

Q: Where is SoFi based?

A: SoFi’s headquarters are in San Francisco. It also has a large office in Cottonwood Heights, UT.

Physical Address

SoFi Mortgage LLC

1 Letterman Drive, Building A

San Francisco, CA 94129

SoFi SoFi Visit SoFi


Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. ( Opens A New Window.)

SoFi Lending Corp. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580. ( )

✝ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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