FHA LOANS

Find your path to homeownership with an FHA loan.

Whether you have less-than-perfect credit or less cash on hand for a down payment, an FHA loan1 can help you finance the home you want.

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Checking your rate will not affect your credit score.†

What is an FHA home loan?

FHA loans are backed by the Federal Housing Administration (FHA) and offered by private lenders like SoFi. FHA loans provide would-be buyers with fair credit the opportunity to buy a home. These government-backed loans typically have lower interest rates and require a low minimum down payment of just 3.5%. With SoFi, you can borrow up to $472,030 in most places, and up to $1,089,300 in certain counties. Because of their relatively lax qualification requirements, FHA loans can make great options for first-time home buyers.

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Why choose SoFi for an FHA loan?

Close on time, guaranteed.

Buying a home is a big deal, and timing is everything. We guarantee we’ll close your loan on time, backed up by $10,000.2

FHA loan terms that work for you

We offer a wide range of FHA mortgage options, so you can choose from the option that works best for you.

Don’t sweat the score

Still working on building your credit? That’s alright. SoFi allows a lower minimum FICO® score for FHA loans.

Low down payment

The minimum down payment for FHA loans is as little as 3.5%.

FHA Loan Requirements

Before you apply for an FHA loan, make sure you understand the requirements for this type of mortgage.

Primary residence

The property you choose for an FHA loan must be your primary residence. You can’t use this type of loan to finance other types of real estate, like an investment property or vacation home.

Primary residence

The property you choose for an FHA loan must be your primary residence. You can’t use this type of loan to finance other types of real estate, like an investment property or vacation home.

3.5% down payment

The Federal Housing Administration only requires a 3.5% minimum down payment, which can make FHA loans great for first-time homebuyers or those with less money saved up.

Mortgage Insurance Premium

Borrowers must pay a Mortgage Insurance Premium (MIP), an insurance policy protecting the lender in case the borrower defaults on the FHA loan.

Verifiable income

You must prove you have verifiable income with proper documentation, like pay stubs, bank statements, or tax returns, to qualify for an FHA loan.

Minimum FICO score

FHA loans have more lenient credit score requirements than traditional home loans. SoFi requires a minimum FICO score of 600 for FHA loans.

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How to apply for an FHA loan with SoFi.

Applying for a FHA loan with SoFi is straightforward and simple. You can complete the whole process online and talk to a Mortgage Loan Officer whenever you need help.

  1. 1

    View your rate in minutes.

    Pre-qualifying for an FHA loan is quick, painless, and all online. Find out what rates you qualify for in minutes.

  2. 2

    Choose your FHA loan.

    After pre-qualifying, you can choose the FHA loan terms that make the most sense for your budget.

  3. 3

    Receive your funds.

    Once we finalize your loan application, we’ll fund your loan. Homeownership is right around the corner!

Learn more about FHA loans.

August 29, 2023

First-Time Homebuyer Guide

June 13, 2023

What to Know about FHA 203K Loans

January 16, 2024

FHA Loan vs. Conventional Mortgage

FAQs

Obtaining an FHA loan with SoFi is easy. You’ll need to meet specific eligibility criteria, like a 3.5% minimum down payment, though SoFi allows a lower minimum FICO® credit score for FHA loans. From there, you can pre-qualify online in minutes. Then, it’s just a matter of choosing the loan with terms that work for you, finalizing your loan application, closing your offer and receiving the funds.
FHA loan application approval can take anywhere from a few weeks to a few months. This timeline includes the whole process, starting from the moment you submit the application. FHA loan approval time varies for each person and depends on factors like the borrower’s financial status and the loan amount.
SoFi allows a lower minimum FICO® credit score for FHA loans.
For FHA loans, there is no requirement for years of income. However, you will need to provide documents showing you have a reliable, verifiable source of income and can afford the payments on your loan.
It is possible for a lender to deny an FHA loan after pre-approval. Pre-approval doesn’t guarantee final loan approval. Negative changes in the borrower’s income or credit score after pre-approval may impact approval odds.

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Owning a home just became more possible.

Take the first steps to homeownership today. Get prequalified for an FHA loan online.

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