Lender review
SoFi review: what Michigan borrowers should know
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.
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%
- MSHDA MI Home Loan
- Not on the list
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
The full picture on SoFi
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 existing members pick up loyalty discounts that stack across the ecosystem.
Jumbo is the standout
SoFi's terms appeal to buyers where a conventional loan won't stretch far enough.
Not for everyone
There's no USDA, so rural Michigan buyers are out, and the higher credit floors clearly favor affluent, well-scored borrowers over anyone still building.
Being online-only, SoFi offers no local branch for the face-to-face closing some first-timers still want.
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. Below, that 620 floor is plotted against the four broad credit tiers and the 620 median for the 55 Michigan lenders we track.
| 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.
Compare: Ross Mortgage Corporation John Adams Mortgage Gold Star Mortgage Financial This week's Michigan rates
SoFi: frequently asked questions
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, not a promise: every lender layers on its own overlays, and approval still turns on your income, debts and the property.
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 2026-07-16 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#696891). MSHDA status reflects the state's MI Home Loan lending-partners list dated June 12, 2026, which changes over time.