Lender review
SoFi review: what Michigan borrowers should know
Best for: higher-income, tech-savvy buyers wanting a fully digital process
- Headquarters
- San Francisco, CA
- Founded
- 2011
- NMLS
- #696891
- Min. credit score
- 620
- Min. down payment
- 3%
SoFi originates Michigan mortgages through its bank arm, SoFi Bank, N.A., with a slick fully-online process and standout jumbo terms (no PMI up to $3M). Member discounts across its ecosystem sweeten the deal for existing customers. It targets affluent, higher-credit buyers, so it's a weaker fit for lower-credit or rural borrowers, and there's no USDA.
SoFi came up as a fintech for high earners, and its mortgage arm still speaks to that crowd. Loans run through SoFi Bank, N.A. with a polished, entirely online process, and members who already use its other products pick up loyalty discounts that stack across the ecosystem.
The standout is jumbo. SoFi will go up to $3 million with no PMI, terms that appeal to buyers in Ann Arbor, Birmingham, or the pricier Grand Rapids suburbs where a conventional loan won't stretch far enough. Many loans also carry no lender fees, trimming the closing tab.
This is not a lender for everyone in Michigan. There's no USDA, so rural buyers are out, and the higher credit floors clearly favor affluent, well-scored borrowers over anyone still building. Being online-only, it also offers no local branch for the face-to-face closing some first-timers still want.
What works
- Fully digital application with member loyalty discounts
- Strong jumbo terms, no PMI on loans up to $3M
- No lender fees on many loans keeps costs down
What to watch
- No USDA, a real gap for rural Michigan
- Higher credit floors favor affluent over credit-challenged buyers
- Online-only; no local Michigan branches for in-person help
Loan programs at SoFi
Which core Michigan loan types SoFi offers, with the typical minimum down payment for each program. Program floors are industry standards — SoFi's own minimums or credit overlays may run higher.
| Loan program | Offered | Typical min. down |
|---|---|---|
| Conventional | ✓ Yes | 3% |
| FHA | ✓ Yes | 3.5% |
| VA | ✓ Yes | 0% |
| USDA | — No | — |
| Jumbo | ✓ Yes | 10–20% |
| Construction | — No | — |
Where SoFi's credit bar sits
SoFi's roughly 620 minimum sits in the good credit range. The scale below places its 620 minimum among the standard credit bands, beside the 620 median across our 55-lender catalog.
| SoFi | Michigan median* | |
|---|---|---|
| Editorial score | 4.1 / 5 | 4.0 / 5 |
| Min. credit score | 620 | 620 |
| Loan programs offered | 4 | 5 |
| Michigan-headquartered | No | — |
*Median across the 55 Michigan lenders in our catalog.
How SoFi's rates and offers compare
Before committing, pull a same-day quote from at least two competitors — pricing gaps of 0.25% are common for identical borrowers. Start with Ross Mortgage Corporation, John Adams Mortgage or Gold Star Mortgage Financial, then compare Loan Estimates line by line. Benchmark whatever you are quoted against our Michigan rate table.
SoFi: frequently asked questions
What are SoFi's mortgage rates in Michigan?
SoFi doesn't post one rate — like every lender, its pricing turns on your credit score, down payment, loan size and the day you lock. Ask for a personalized quote to see the number you'd actually get. The reliable move: pull a written Loan Estimate from SoFi and set it beside this week's Michigan averages in our rate table, comparing on the same day.
Is SoFi a legitimate mortgage lender?
Yes. SoFi is a licensed mortgage lender registered under NMLS #696891 and lending since 2011. Look the registration up yourself, complaints and all, at NMLS Consumer Access. We score it 4.1/5 for Michigan borrowers in a review no lender can buy into.
What credit score do you need for a SoFi mortgage?
SoFi generally looks for a credit score around 620 on its most common loans. Its FHA loans can go lower — often to 580, or 500 with a larger down payment — while conventional and jumbo loans usually want higher scores. That 620 is a floor; approval still turns on your income, debts and the property.
Does SoFi offer FHA, VA and USDA loans?
SoFi offers FHA and VA loans to Michigan borrowers. It does not currently offer USDA loans — buyers who need that should compare a lender that does. Its complete Michigan lineup is Conventional, FHA, VA, Jumbo.
Does SoFi lend in Michigan?
Yes. Although SoFi is headquartered in San Francisco, CA, it is licensed to lend in Michigan and actively originates purchase and refinance loans across the state, from metro Detroit to the Upper Peninsula.
Will SoFi sell my mortgage after closing?
It may. Many lenders sell the servicing rights to a loan after closing, so ask SoFi directly whether it retains servicing or transfers it — your rate and terms won't change either way.
Independent and unpaid — SoFi did not pay for placement. How we score every lender (and where our rate data comes from) is set out in our editorial policy. Figures reflect public information as of 2026-07-01 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#696891).