Best Affordable Places to Live in Delaware in 2024
(Last Updated – 12/2023)
Though Delaware may be the second smallest state in the U.S., it’s big on appeal. Home to just over one million people, the state offers charming towns, miles of coastline and beautiful beaches, picturesque countryside — and it doesn’t collect any sales tax.
From strolling the boardwalks of Rehoboth Beach to checking out the eclectic shops and eateries in Dover, the capital, the state has plenty to keep residents busy.
With a temperate climate, fairly average cost of living, low property taxes, and a growing job market, Delaware can be a good home base for young professionals, families, and retirees alike. This guide shares some of the most affordable places to live for those groups and more.
Best Places to Live in Delaware
Delaware offers a variety of affordable places to live. Whether you want a city, like the state capital of Dover, a charming colonial-era town, or a beach community by the ocean, you will find plenty of options.
What’s more, Delaware doesn’t just have places that will suit your personal style. With a state cost of living that is 103.5 vs. the average of 100, an average property tax rate of 0.53%, and no sales tax, this Mid-Atlantic state can be a wallet-friendly place to reside.
💡 Quick Tip: Buying a home shouldn’t be aggravating. SoFi’s online mortgage application is quick and simple, with dedicated Mortgage Loan Officers to guide you throughout the process.
Best Affordable Places to Live in Delaware
Wondering where to settle down? Consider these top five best affordable places to live in Delaware.
1. Dover
Photo credit: iStock/DenisTangneyJr
The second largest city in the state and the capital, Dover offers affordability and much more. Residents praise this city and surrounding dense suburban area for maintaining a relaxing, small town feel; they also give thumbs-up to the area’s parks, school system, and shopping options. The fact that you can be in Wilmington (the state’s biggest city) or at the popular Rehoboth Beach in less than an hour is another asset.
Population: 38,594
Median Household Income: $51,073
Cost of Living: 93.3% of U.S. average
Median Rent Price: $1,600
Home Price-to-Income Ratio: 6.02
Average Property Tax: 0.56%
Housing Affordability: Dover home prices have risen 4.9% over the past year, which is very much in keeping with the 4.77% seen nationwide in 2022. The price-to-income ratio of 6.02 is slightly higher than the historical U.S. average of 5. In terms of rentals, the median price of $1,600 per month is 22% lower than the figure for the U.S. as a whole, and the market is cool, making it a good value.
2. Milford
Photo credit: iStock/DenisTangneyJr
Milford is an appealing and affordable suburban area. Cities and beaches are within easy reach, and there are plenty of outdoor activities (hiking, kayaking, biking) to keep residents busy outdoors in the picturesque landscape. Locals love everything from Milford’s farmers’ markets to its healthcare system to the Mispillion Riverwalk (including the River Lights Cafe).
Population: 12,981
Median Household Income: $47,849
Cost of Living: 95% of U.S. averageMedian Rent Price: $1,900
Home Price-to-Income Ratio: 4.33
Average Property Tax: 0.42%
Housing Affordability: The average home price in Milford is currently $326,252, which is up just 2.7% and is less than the national average. What’s more, the home price-to-income ratio is a relatively affordable 4.33. (If you’re thinking of buying, it can be wise to review the different types of mortgages to find one that suits you best.)
The rental market is cool, with the median rent of $1,900 being 7% lower than the national number. This means bargains may be found.
3. Smyrna
Photo credit: iStock/aimintang
Residents enjoy the friendly small-town vibe of Smyrna, which is located less than 20 minutes from Dover and about 40 minutes from Wilmington. Smyrna is a convenient location for all ages and life stages. The nearby Bombay Hook National Wildlife Refuge and Blackbird State Forest will please nature lovers, while those looking for a bit of local nightlife may want to visit Painted Stave Distilling or Blue Earl Brewing Company.
Population: 13,294
Median Household Income: $63,794
Cost of Living: 105.2% of U.S. average
Median Rent Price: $1,350
Home Price-to-Income Ratio: 5.76
Average Property Tax: 0.56%
Housing Affordability: The average home in Smyrna is approximately $367,600, which, combined with the median household income of over $63,000-plus, makes Smyrna a relatively affordable option. In addition, the median rent price is $1,350, which is 34% under the national figure, in a cool market. These numbers indicate that Smyrna can be an affordable place to call home.
4. Middletown
Photo credit: Flickr/Doug Kerr , Creative Commons Attribution-ShareAlike 2.0 Generic
Middletown is a popular location for many people in Delaware to settle. Downtown’s Main Street hosts an array of festivals and celebrations, such as the Old-Tyme Peach Festival, which adds to the friendly, lively atmosphere. Whether ax throwing or apple picking is your idea of fun, Middletown can deliver. Residents also praise the local school system.
Population: 24,698
Median Household Income: $93,750
Cost of Living: 120.7% of U.S. averageMedian Rent Price: $2,495
Home Price-to-Income Ratio: 5.33
Average Property Tax: 0.85%
Housing Affordability: At a glance, Middletown may look pricey. The average home value is just under $500,000, but when you look at Middletown’s median household income of $93,750, you can see that the buying power is higher. (Tip: You can read up on tips for qualifying for a mortgage if you are in home-buying mode and getting ready to apply for a home loan.)
While the median rent is 22% above the national figure, this is in keeping with the higher earnings of residents and the higher cost of living. The rental market is considered cool, meaning if you move there, you will likely have your pick of lodging.
5. Wilmington
Photo credit: iStock/ChrisBoswell
The state’s largest city can offer job opportunities, as well as any array of entertainment, shopping, and dining options. For those who want to live in one of the best affordable places in Delaware, Wilmington scores high for prospective residents who crave an urban lifestyle. There’s plenty to keep you busy, including the area’s riverwalk, museums, historical destinations, and multitude of dining and nightlife options.
Population: 71,569
Median Household Income: $49,354
Cost of Living: 99.3% of U.S. averageMedian Rent Price: $1,704
Home Price-to-Income Ratio: 3.80
Average Property Tax: $0.85%
Housing Affordability: Overall, Wilmington can be an affordable place to live. The rental market, while up $79 year over year, is 17% below the national average, and the market is cool. Homes are averaging just under $300,000 in value, though property taxes are somewhat elevated versus other areas in the state.
Recommended: What Is Mortgage Prequalification vs. Preapproval?
Best Places to Live in Delaware for Families
Wondering where to settle and bring up your kids? Here are some of the best affordable places to raise a family in Delaware, often thanks to the state’s natural beauty, parks, and cultural attractions.
1. Pike Creek
Pike Creek is a popular place for families who want an easy commute to Wilmington. This community of almost 8,000 is set amid rolling hills with plenty of biking, hiking, and walking trails to keep active families busy. Parents may appreciate the public school options, the small-town feel, as well as Pike Creek’s convenient location to shopping malls and entertainment.
Population: 7,808
Median Household Income: $131,603
Cost of Living: 111.5% of U.S. average
Median Rent Price: $2,056
Home Price-to-Income Ratio: 3.01
Average Property Tax: 0.85%
Housing Affordability: While the cost of living is above average in Pike Creek, so too is the median household income. Rentals, which rose slightly year over year, are almost identical to the national average. In addition, home prices overall have a low price-to-income ratio, making this often an affordable place to live.
2. Dover
Photo credit: iStock/DenisTangneyJr
Located close to the Delaware Bay and the Bombay Hook National Wildlife Refuge, Dover has a densely populated feel and affordable cost of living that appeals to many families. (The town is evenly split between homeowners and renters; either can be a budget-wise option.) The state capital, Dover has a centuries-old green in the heart of the city and many other historic sites which anchor the community. It also offers many shopping and entertainment opportunities. Families enjoy student-focused sporting events and festivals, as well as road tripping to other nearby cities.
Population: 38,594
Median Household Income: $51,073
Cost of Living: 93.3% of U.S. average
Median Rent Price: $1,600
Home Price-to-Income Ratio: 6.02
Average Property Tax: 0.56%
Housing Affordability: Dover offers affordable housing. The home price-to-income is just a bit above the national standard, and rentals are more than 20% lower than the U.S. median.
3. Hockessin
Photo credit: Flickr/Chris Foster, Creative Commons Attribution-NoDerivs 2.0 Generic
Hockessin is a popular area with almost all ages, but families especially will enjoy its quaint rural setting (think forests, fields, and fresh air) as a good place to raise kids. They also may also appreciate its public school system and array of sporting activities. Since Hockessin is close to Wilmington and Philadelphia, parents and kids can easily get to the cultural attractions in those cities. Commuting is also relatively easy for Hockessin residents. For instance, it’s just about a 20- or 25-minute drive to the center of Wilmington.
Population: 13,478
Median Household Income: 158,036
Cost of Living: 125% of U.S. averageMedian Rent Price: $3,500
Home Price-to-Income Ratio: 3.33
Average Property Tax: 0.85%
Housing Affordability: Hockessin is an in-demand area for young families, but many have the means to afford the higher housing prices given the median household income of $158,036. The rental market, like that household income, is significantly above the national figure, with median rents 71% higher. However, the market is considered cool. Home prices rose a modest 2.5% year over year.
4. North Star
North Star appeals to families in part due to its convenient location: Parents may commute to either Wilmington (30 minutes by car) or Philadelphia (about an hour). Parents say they enjoy the public school system in North Star as well as the moderate housing prices. What’s more, the rural town offers a wealth of options to keep a clan busy, such as cafes, parks (like White Clay Creek State Park), shops, and the Mount Cuba Astronomical Observatory.
Population: 8,056
Median Household Income: $153,971
Cost of Living: 122.6% of U.S. averageMedian Rent Price: $1,669
Home Price-to-Income Ratio: 3.32
Average Property Tax: 0.85%
Housing Affordability: North Star has a moderate home price-to-income ratio and a rental market that is below the national median in terms of price. With a higher median household income, North Star can be an affordable place to raise a family.
5. Townsend
For those who want a rural setting, Townsend can make an affordable home base for families. Residents are often pleased with the well-regarded public school system. Townsend’s small-town feel amid farmland can provide a slower-pace compared to more urban settings in Delaware. The Hagley Museum and Library, located on 200 acres of the former DuPont family estate, and Delaware Museum of Natural History are within easy reach for family outings.
Population: 2,546
Median Household Income: $137,856
Cost of Living: 103% of U.S. averageMedian Rent Price: $1,300
Home Price-to-Income Ratio: 2.43
Average Property Tax: 0.85%
Housing Affordability: Home prices in Townsend are affordable vs. the national average, and rentals are under the American median as well, though there are few listings to choose from. The market is described as cool.
Best Places to Live in Delaware for Young Adults
Delaware has many affordable places for young adults to live, whether they want an energizing city vibe or a more relaxed pace amid the state’s natural beauty.
1. Dover
Photo credit: iStock/DenisTangneyJr
Making another appearance on this list, the state capital can be a good place for young professionals to settle, especially those seeking government jobs. (For those who want to continue their studies, good news: Dover is home to Delaware State University and Wesley College.)
With an average age of 34.4 years, the city is filled with plenty of young people. Dover also offers plenty of other reasons to move there: a relatively low cost of living, the Biggs Museum of American Art, and a NASCAR speedway to keep residents busy during their off-hours.
Population: 38,594
Median Household Income: $51,073
Cost of Living: 93.3% of U.S. averageMedian Rent Price: $1,600
Home Price-to-Income Ratio: 6.02
Average Property Tax: 0.56%
Housing Affordability: Dover has affordable housing, with the median rental costing 22% less than the national average. For those thinking of becoming a homebuyer (especially first-time homebuyers), the home price-to-income is just a little above the national standard, meaning purchasing a place in Dover can be a money-wise option.
2. Delaware Avenue
Delaware Avenue is a neighborhood in Wilmington, the state’s biggest city. It’s considered among the best places to live for young professionals in Delaware thanks to its happening downtown feel. That means there are plenty of stores, restaurants, and bars to explore. Located near Brandywine Park, which borders Brandywine Creek, it has charming old brick buildings, and is also close to Trolley Square with its lively murals and artsy vibe.
Population: 3,120
Median Household Income: $54,938
Cost of Living: 99.3% of U.S. averageMedian Rent Price: $1,168
Home Price-to-Income Ratio: 5.49
Average Property Tax: 0.85%
Housing Affordability: The Delaware Avenue neighborhood can be a good place for young professionals, thanks to the median rent of $1,168 vs. the national average of approximately $2,050 and the slightly lower than average cost of living. Thinking of buying a home? Houses can be affordable with a 5.49 home price-to-income ratio.
3. Pike Creek
Another repeat list-maker, Pike Creek can be a great place for young professionals to put down roots, whether you are a recent grad or a bit further along in life. Just 10 miles west of Wilmington (which can make for an easy commute to the city), Pike Creek is known for its mix of natural beauty and fun activities, such as the Carousel Park Farmers Market and the Acadian Wine Company.
Population: 7,808
Median Household Income: $131,603
Cost of Living: 111.5% of U.S. averageMedian Rent Price: $2,056
Home Price-to-Income Ratio: 3.01
Average Property Tax: 0.85%
Housing Affordability: While the cost of living is above average in Pike Creek, so too is the median household income. Rentals, which rose slightly year over year, are almost identical to the national average. In addition, home prices overall have a low price-to-income ratio, making this an often affordable place to live.
4. Forty Acres
Forty Acres is a neighborhood in Wilmington, and its residents can appreciate the variety of activities there. Some enjoy the dog park at Rockford Park; others cite the beautiful Brandywine Park; and still others like the block parties that crop up. With live music at a number of bars, art galleries, and restaurants, Forty Acres can be a fun place for young professionals to settle.
Population: 1,349
Median Household Income: $136,572
Cost of Living: 99.3% of U.S. average
Median Rent Price: $1,548
Home Price-to-Income Ratio: 2.92
Average Property Tax: 0.85%
Housing Affordability: Home prices are relatively low in Forty Acres so first-time homebuyers may want to consider living there. The cost of living is on a par for the rest of the country, and rents compare favorably to the $2,050 national median.
5. Hockessin
Photo credit: Flickr/Chris Foster , Creative Commons Attribution-NoDerivs 2.0 Generic
Say hello again to Hockessin, which makes this list again as a best place for young professionals to live in Delaware. Many like this suburb’s relaxed pace and short commuting time (about 20 to 25 minutes) to Wilmington. There are plenty of parks (Auburn Valley State Park is just a few minutes’ drive away), boutiques, and restaurants locally that keep residents busy.
Population: 13,478
Median Household Income: 158,036
Cost of Living: 125% of U.S. average
Median Rent Price: $3,500
Home Price-to-Income Ratio: 3.33
Average Property Tax: 0.85%
Housing Affordability: Hockessin, with its above-average median household income and affordable homes, could be a good spot for a prospective homebuyer to start hitting the open houses. Rentals are higher than the national median, so buying your own place could be the right move in Hockessin.
💡 Quick Tip: One answer to rising house prices is a jumbo loan. Apply for a jumbo loan online with SoFi, and you could finance up to $2.5 million with as little as 10% down. Get preapproved and you’ll be prepared to compete in a hot market.
Best Places to Live in Delaware for Retirees
Many retirees choose to settle in Delaware. Its temperate climate, lack of certain taxes, natural beauty, and lively cities can make it the right choice for many people aged 65 and older.
1. Bethany Beach
Photo credit: iStock/Scott Kraller
Bethany Beach is a favorite spot for retirees in Delaware; the average age here is 66.9, which attests to its popularity. It boasts a delightful white sand beach for strolls during any season, and plenty of opportunity to enjoy the waves in warmer weather. Off-season, there are outlet shopping centers, wineries, and breweries to explore.
Population: 1,150
Median Household Income: $96,700
Cost of Living: 102.5% of U.S. average
Median Rent Price: $2,625
Home Price-to-Income Ratio: 5.91
Average Property Tax: 0.42%
Housing Affordability: Bethany Beach housing is a bit costlier than the standard U.S. home price-to-income ratio of 5, and rentals are 28% higher than the national median. However, to live in this seaside community, it might be worth it. Also, the median household income can help make living in Bethany Beach affordable.
2. Rehoboth Beach
Photo credit: iStock/DenisTangneyJr
With a median age of 63.5, Rehoboth Beach is one of the best spots for retirees. The fall and winter months are quiet, but in the summer, the boardwalk comes to life, making for a fun vacation feeling every day. The stunning beach is, of course, the main attraction. For retirees who like hosting vacationing family members, this can be an ideal spot.
Population: 1,392
Median Household Income: $137,783
Cost of Living: 130.1% of U.S. average
Median Rent Price: $2,200
Home Price-to-Income Ratio: 5.49
Average Property Tax: 0.42%
Housing Affordability: While rental costs are 7% higher than the national median, the price has dropped $400 year over year. It’s worth keeping in mind, though, that prices can soar in the summer months. The average home value is $757,586, meaning you might want to visit a home loan help center to learn more about mortgage options for properties with a higher price tag. Also note, though, that the home price-to-income ratio is 5.49 since the median household income is relatively high.
3. Lewes
Photo credit: iStock/ymn
Lewes is a popular and affordable place to retire in Delaware. With a median age of 65.7, it seems as if word has gotten out that this is a good location for those of retirement age. In the summer, the beach is just six or so miles away, and the ferry to the Victorian community of Cape May, N.J., leaves from Lewes, which can make for fun outings.
Population: 3,257
Median Household Income: $129,231
Cost of Living: 117% of U.S. averageMedian Rent Price: $2,300
Home Price-to-Income Ratio: 5.27
Average Property Tax: 0.42%
Housing Affordability: As with Rehoboth Beach, living by the water in Lewes means spending more to own a property. However, the median household income for the area is relatively high, so the home price-to-income ratio is 5.27, which may be affordable for those at that earning level. The median rent is 12% higher than the national figure, but the market is cool, though it can heat up in the summer months as vacationers look for a place by the water.
4. Pike Creek
Prefer a more suburban place to retire? With its rolling hills and easy access to both Philadelphia (about 55 minutes away) and Wilmington (25 minutes) for cultural activities, Pike Creek can be a smart choice. People 65-plus make up 16.2% of the population, so that means you’ll be part of a community with a dynamic mix of younger professionals and families.
Population: 7,808
Median Household Income: $131,603
Cost of Living: 111.5% of U.S. average
Median Rent Price: $2,056
Home Price-to-Income Ratio: 3.01
Average Property Tax: 0.85%
Housing Affordability: While the cost of living is above average in Pike Creek, so too is the median household income. Rentals, which rose slightly year over year, are almost identical to the national average. In addition, home prices overall have a low price-to-income ratio, making this a fairly affordable place to live.
5. Hockessin
Photo credit: Flickr/Chris Foster , Creative Commons Attribution-NoDerivs 2.0 Generic
Another of the best places to retire in Delaware, Hockessin appears on this list again. Sixty-two percent of the households are without children, meaning retirees will likely find others who are at the empty-next stage of life. Its location means residents can both explore the lush parks and countryside or zip into a nearby city to check out a museum or an array of dining options. Philadelphia, for instance, is about a 50-minute drive away.
Population: 13,478
Median Household Income: 158,036
Cost of Living: 125% of U.S. average
Median Rent Price: $3,500
Home Price-to-Income Ratio: 3.33
Average Property Tax: 0.85%
Housing Affordability: Hockessin’s cost of living is above the national average, but housing can be affordable thanks to the higher median household income and the 3.33 home price-to-income ratio. Rentals are pricey, however, clocking in at 71% higher than the national median.
Best Places to Live in Delaware Near the Beach
Delaware’s beaches are popular with summer vacationers who travel to spend time at the sugar-sand beaches and stroll the boardwalk. But why should they have all the fun? Here, five places to consider if you’d like to live by the beach in Delaware.
1. Bethany Beach
Photo credit: iStock/Scott Kraller
One of the best places to live by the beach in Delaware, Bethany Beach shifts from quiet seaside vibe in the off-season to full-swing summer beach town in the summer. If that suits you, this community of 1,150 could be a good fit. There are local museums, historical sites, breweries, and more to explore in cooler weather.
Population: 1,150
Median Household Income: $96,700
Cost of Living: 102.5% of U.S. averageMedian Rent Price: $2,625
Home Price-to-Income Ratio: 5.91
Average Property Tax: 0.42%
Housing Affordability: Bethany Beach housing is a bit costlier than the standard U.S. home price-to-income ratio of 5, and rentals are 28% higher than the national median. However, to live in this seaside community, it might be worth it. Also, the median household income can help make living in Bethany Beach affordable.
2. Rehoboth Beach
Photo credit: iStock/DenisTangneyJr
A well-known vacation destination, Rehoboth Beach is sometimes referred to as the Nation’s Summer Capital, thanks to its beautiful beaches, arcades, seafood, and farmers’ markets. But it can also be a year-round best place to live in Delaware. There’s nearby Henlopen State Park, a former military base, to explore as the hustle and bustle of warmer weather dies down, as well as a local theater company, movies, and shopping for entertainment.
Population: 1,392
Median Household Income: $137,783
Cost of Living: 130.1% of U.S. average
Median Rent Price: $2,200
Home Price-to-Income Ratio: 5.49
Average Property Tax: 0.42%
Housing Affordability: While rental costs are 7% higher than the national median, the price has dropped $400 year over year. Home values average $757,586, but given the median household income, that’s not as steep as it might sound. Also, home prices have declined 3.1% year over year.
3. Lewes
Photo credit: iStock/ymn
Lewes is a picturesque and historic place, making it one of the best affordable places to live in Delaware. It’s located at the mouth of the Delaware River, and public transportation can make it easy to get to Wilmington and Rehoboth, among other destinations. The town has a historical society, museum, and other cultural attractions.
Population: 3,257
Median Household Income: $129,231
Cost of Living: 117% of U.S. averageMedian Rent Price: $2,300
Home Price-to-Income Ratio: 5.27
Average Property Tax: 0.42%
Housing Affordability: As with Rehoboth Beach, living by the water in Lewes means spending more to own a property. However, the median household income for the area is relatively high, so the home price-to-income ratio is 5.27, which may be affordable for those at that earning level.
The median rent is 12% higher than the national figure, but the market is cool, though it can heat up in the summer months as vacationers look for a place by the water.
Recommended: Tips for Renting Out an Airbnb
4. Dewey Beach
Photo credit: iStock/DenisTangneyJr
This small beach community has stunning sandy beaches for a classic by-the-shore lifestyle. Dewey Beach is a best affordable place to live by the water thanks to its natural beauty as well as its amenities (think cute shops and waterfront dining).
Population: 442
Median Household Income: $96,557
Cost of Living: 166.5% of U.S. average
Median Rent Price: N/A
Home Price-to-Income Ratio: 7.9
Average Property Tax: 0.42%
Housing Affordability: In a community this small, it can be hard to find a home, though the housing supply is increasing. But for some, being patient and spending more than the national average is worth it to live in this idyllic seaside community. Year-round rentals are hard to find: Most are available as seasonal vacation properties.
5. Slaughter Beach
Photo credit: iStock/milehightraveler
Home to just 300 or so people, Slaughter Beach is nestled between the Marvel Salt Marsh Preserve and Prime Hook Wildlife Management Area, with pristine beaches by the sea. It’s a tranquil place to live and commune with nature.
Population: 302
Median Household Income: $76,250
Cost of Living: 109.2% of U.S. averageMedian Rent Price: N/A
Home Price-to-Income Ratio: 5.49
Average Property Tax: 0.42%
Housing Affordability: As with Dewey Beach, Slaughter Beach is a tiny but growing community. With a home price-to-income ratio of 5.49, it can be a more affordable option than some other oceanfront towns. If you’re planning on hitting some open houses in Slaughter Beach, it can be wise to start on the mortgage preapproval process to show sellers you are a serious buyer.
Most of the rentals operate as seasonal vacation homes, so it can be hard to find a year-round property to rent.
The Takeaway
The second-smallest state in America, Delaware offers a large number of affordable places to live for families, young professionals, and retirees alike. From lively urban settings like Dover and Wilmington to suburbs in the rolling hills to beach towns, there are budget-friendly options to suit a variety of prospective homebuyers’ tastes.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Browse Other States
FAQ
Where is the most affordable place to live in Delaware?
Among the most affordable places to live in Delaware are cities like Dover and Wilmington, as well as less dense locations like Milford, Middletown, and Hockessin.
What are affordable cities in Delaware?
Among the best affordable places to live in Delaware are the state capital, Dover, and Wilmington. In addition, there are many budget-friendly suburbs near each of these centers.
Why is it cheap to live in Delaware?
Delaware is known for having a reasonable cost of living, affordable housing options, and low taxes. In particular, it charges no state or local sales taxes.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOHL1023003