SoFi Mortgage 2021 Review | The Ascent

How to qualify

To obtain a home loan from SoFi, you must be a U.S. citizen or eligible resident alien and live in one of the 42 states (plus the District of Columbia) where SoFi lends. SoFi does not make loans in Alaska, Hawaii, Missouri, New Hampshire, New Mexico, New York, South Dakota, or West Virginia.

Most conventional loan lenders want the borrower to have a credit score of at least 660. Your recent credit history should be free of late payments, unpaid collection accounts, bankruptcies, foreclosures, and short sales. If you have any of these derogatory items on your credit report, talk to a loan officer to find out whether a waiting period applies before you are eligible for a new mortgage.

The pillars of your mortgage application are DTI, credit score, and down payment (or equity if you’re doing a refi). If any of those is weak, you need to make stronger showings in the other two. Ideally, your DTI should be under 36%, but don’t worry too much if it’s higher. Well-qualified borrowers (credit score over 700, more cash reserves) with a debt-to-income ratio as high as 50% can get conventional loans at SoFi.

When you’re ready to officially start the loan process, you must provide all the standard documentation required by mortgage lenders, including these, at a minimum:

  • Last two years’ tax returns, including W2s and/or 1099s
  • Last two months’ bank statements
  • Last two pay stubs
  • Proof of identity
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You can get a SoFi home loan for primary or secondary homes or for investment properties.

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