SoFi Mortgage Rates Review

Initially founded in 2011 as a provider of student loan refinancing options, SoFi did not enter the mortgage market until 2015.

Headquartered in the infamously expensive real estate market of San Francisco, the online-only lender targets young urban professionals who have stable incomes but little in the way of savings, offering jumbo loans that require relatively small down payments.

SoFi Mortgage Rate Facts

• Short for “Social Finance,” SoFi provides student loan refinancing, personal loans, and mortgages

• Carries no origination or application fees, charges no pre-payment penalties, and requires no private mortgage insurance

• Offers jumbo mortgages as high as $3 million with as little as 10 percent down

• Only provides fixed-rate and adjustable-rate mortgages does not offer FHA, VA or USDA loans

• Does not issue mortgages for loans of less than $100,000

• Does not offer home equity loans or HELOCs

History of SoFi

Social Finance, Inc. was founded seven years ago by four business graduate students at Stanford University. The online lending startup was initially geared toward providing affordable student loan options but entered the housing market in 2014 and by 2015, had expanded to over 20 states.

Today it is licensed to originate mortgages in 29 states, as well as the District of Columbia, though more than half of the company’s home loans have been issued in its native California.

With minimum loans of $100,000 and jumbo loans of up to $3 million, SoFi’s mortgage products are geared toward borrowers interested in relatively expensive properties.

However, with down payments as low as 10 percent, zero origination fees or mortgage insurance requirements, and flexible debt-to-income ratio maximums, the company enables those with less-than-stellar credit histories to acquire loans that more traditional lenders would likely not approve.

SoFi, a prominent player in the fintech industry, has made remarkable advancements in 2023, broadening its product portfolio, bolstering its financial services, and garnering recognition for its innovative spirit.

SoFi has expanded its offerings to include SoFi Checking and Savings, a fee-free account with a competitive interest rate, and SoFi Invest, a robo-advisor platform that automates investment management. Additionally, SoFi has ventured into cryptocurrency trading, enabling users to trade and hold various digital assets.

In a strategic move, SoFi acquired Galileo Financial Technologies, a platform powering numerous fintech companies, further strengthening its technological capabilities. Moreover, SoFi secured a national bank charter, paving the way for expanded banking services and a broader range of financial products. The company also partnered with Samsung Money by SoFi, integrating a mobile-first money management experience into Samsung Pay.

SoFi Loan Specifics

SoFi specializes in jumbo and interest-only loans, at the expense of government-backed FHA, VA and USDA loans, which the company does not offer. Borrowers can opt for a 15- or 30-year fixed-rate loan, or a 7/1 or 5/1 adjustable-rate mortgage.

Over 60 percent of SoFi’s borrowers are first-time homebuyers, who the company caters to with low down payments, small or nonexistent fees and alternative methods of assessing borrower credit, which allow younger applicants with high amounts of debt or small savings accounts to still get approved.

SoFi Fixed Rate Loans

The defining feature of a fixed-rate mortgage is an interest rate that remains the same over the period of the loan, rather than fluctuating along with national interest rates. 

SoFi allows borrowers to choose a 15-year fixed-rate mortgage, which carries a 4.75 percent rate and 4.841 annual percentage rate, or a 30-year fixed-rate mortgage, which features a five percent rate and 5.053 APR.

The 15-year plan carries lower interest rates, while the advantage of the 30-year fixed-rate mortgage is that it provides more time to pay off the loan.

SoFi Adjustable Rate Loans 

An adjustable-rate mortgage (ARM) begins with a lower interest rate that is fixed for a predetermined length of time but eventually starts falling along with national rates. SoFi offers a 7/1 ARM, in which the rate stays fixed for the first seven years, adjusting yearly for the remainder of the loan.

The company also provides a 5/1 ARM Interest-Only loan, which allows borrowers to pay only interest for the first ten years, then pay both interest and the principal for the remaining twenty. Both ARM options are structured as 30-year terms.

SoFi Jumbo Loans

A jumbo mortgage covers loans that exceed the limit on the maximum value assigned to a conventional loan. As of 2025, the baseline conforming loan limit for most counties in the United States is $766,550. However, in certain high-cost areas, the conforming loan limit is higher, reaching up to $1,149,825.

The option is ideal for young urban professionals who may still be carrying student loans or have very little saved up for a down payment, but have a high-income job that makes them feel confident they can afford more expensive real estate.

SoFi Mortgage Solutions Overview

Loan Type	Description
SoFi Loan Overview	• Specializes in Jumbo and Interest-Only Loans • Offers 15- and 30-Year Fixed-Rate, 7/1, and 5/1 Adjustable-Rate Mortgages • No FHA, VA, or USDA Loans
SoFi Fixed Rate Loans	• Stability With Fixed-Rate Mortgages: 15-Year at 4.75%, 30-Year at 5% • Competitive APRs
SoFi Adjustable Rate Loans	• Flexibility With Adjustable-Rate Mortgages: 7/1 ARM Fixed for 7 Years, 5/1 ARM Interest-Only for the First Decade
SoFi Jumbo Loans	• Jumbo Loans for High-Value Properties • Ideal for High-Income Professionals Seeking Larger Real Estate Investments
First-Time Homebuyers Focus	• 60%+ are First-Time Homebuyers • SoFi Enables Low Down Payments, Minimal Fees, and Alternative Credit Assessments, Aiding Approval for Young Applicants With High Debt or Small Savings

SoFi Mortgage Customer Experience

SoFi was one of the first lenders to offer an all-digital lending experience and distinguishes itself from competitors by charging no origination fees for processing loan applications.

The online experience is further enhanced by a detailed FAQ page and brief videos that act as visual aids, and you can receive assistance from a representative by calling the customer service hotline during regular business hours.  

SoFi’s average closing time of 28 days is below the national average of 41 days.

SoFi Lender Reputation

A personal finance company for seven years but a mortgage lender for only three, SoFi has quickly established a reputation as a successful online lending startup, albeit one built on a somewhat unconventional underwriting model. 

SoFi’s San Francisco headquarters has received an A+ rating from the Better Business Bureau, but is not a BBB-accredited business and carries a customer rating of just two out of a possible five stars based on a small sample size of 162 customer reviews.

There have been 132 complaints closed in the last three years, 54 of which were closed in the last 12 months. Many of the claims, however, appear to relate to personal and student loans, rather than the company’s mortgage offerings.

In 2017, co-founder and chief executive Mike Cagney resigned following a sexual harassment lawsuit and allegations he had skirted risk and compliance controls. In 2018, SoFi settled with the Federal Trade Commission over charges that the company had made false claims about savings from student loan refinancing.

SoFi Mortgage Qualifications

Loan Type	Down Payment Requirement	Minimum Credit Score	Debt-to-Income Requirement	Can you use gift funds or down payment assistance programs to make a down payment?
15-Year Fixed Rate	10%	660 for conventional loans, 680 for jumbo loans	NegotiableÊ	Gift funds are accepted in certain situations
30-Year Fixed Rate	10%	660 for conventional loans, 680 for jumbo loans	NegotiableÊ	Gift funds are accepted in certain situations
7/1 ARM	10%	660 for conventional loans, 680 for jumbo loans	Negotiable	Gift funds are accepted in certain situations
5/1 ARM Interest-OnlyÊ	25%	660 for conventional loans, 680 for jumbo loans	Negotiable	Gift funds are accepted in certain situations

One of SoFi’s primary selling points is the lender’s willingness to use alternative methods of assessing borrower credit.

Young applicants with less established credit scores often turn to SoFi for help purchasing their first home, because the company takes into consideration a borrower’s career track, income, education, and financial history.

SoFi maintains a minimum credit score requirement of 660 for its conventional loans, which run from $650,050 or less. A score of at least 680 is required for jumbo loans, which are between $650,051 to $3,000,000.

While most lenders require a debt-to-income ratio of 36 percent or less, SoFi says that its unique underwriting approach allows the company to offer “flexible” DTI limits and determine true creditworthiness by examining other factors.

Both conventional and jumbo loans can be obtained from SoFi with as little as 10 percent down. The one exception is 5/1 ARM Interest-Only loans, which require a 25 percent down payment.

SoFi does not appear to utilize any down payment assistance programs but does accept gift funds as down payments in some situations.

SoFi Phone Number & Additional Details

• Homepage URL: https://www.sofi.com/homepage/

• Company Phone: (855) 456-7634

• Headquarters Address: 1 Letterman Dr. Bldg A STE 4700, San Francisco, CA 94129-1494

States Serviced: SoFi is licensed to issue mortgage loans and refinances in 29 states and Washington D.C., but is not available in:

• Alaska

• Arkansas

• Hawaii

• Iowa

• Kansas

• Kentucky

• Louisiana

• Maine

• Massachusetts

• Mississippi

• Missouri

• Nebraska

• Nevada

• New Hampshire

• New Mexico

• New York

• Ohio

• Oklahoma

• South Dakota

• Virginia

• West Virginia

The Bottom Line – SoFi Mortgage Rates

SoFi, short for “Social Finance,” has evolved since its founding in 2011, expanding from student loan refinancing to providing a variety of financial products, including mortgages. With its unique approach, SoFi appeals to young urban professionals, offering jumbo loans with relatively small down payments. It stands out by charging no origination or application fees, along with no pre-payment penalties or private mortgage insurance requirements.

The lender’s commitment to digital lending ensures a streamlined and efficient process for borrowers. However, SoFi has faced challenges, including leadership changes and regulatory issues. While the lender offers flexibility in credit assessment and low down payment options, some may find its services better suited to certain niches than others.

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