May
30
2025
woman with laptop paying bills

Getting Back on Track After Going Over Budget

By | Budgeting & Goals, money | Comments Off on Getting Back on Track After Going Over Budget

Even people who closely monitor their spending might go over budget now and then. What’s important is how they handle getting back on track.

If you go over your budget, there are a few different steps you can take to get back on course. And combining some of them might help speed up the budget repair process. Here’s what you need to know.

Key Points

•   After overspending, review financial statements to pinpoint why your spending doesn’t align with your budget.

•   Temporarily reducing non-essential expenses and minimizing exposure to spending temptations can help get your budget on track.

•   Building an emergency fund for unexpected expenses can help you avoid debt, while keeping your budget intact.

•   Exploring different budgeting methods to see what matches your lifestyle can improve financial management.

•   Avoid budgets that are overly punitive — creating a budget that realistically serves your needs is key to meeting financial goals.

Keep an Eye on Spending

Reviewing account balances and statements once a week is an easy way to keep track of money coming in and money going out. A few big purchases can easily upset an otherwise balanced budget.

Waiting until the end of the month to check in on accounts leaves you at risk for excess spending and potentially overdrawing a checking account or having a higher credit card bill than you anticipated.

Checking in once a week leaves time to self correct and adjust the budget to help balance the numbers.

Identify What Went Wrong

Going over budget sometimes means there’s uncertainty about where the money went. Overspending can mount quickly, putting the budget out of balance. It might only take a few extra additions to your grocery cart, an unexpected car repair, or a couple of splurge purchases.

When there is general overspending or if it’s just in a specific budgeting category, looking at recent bills and credit card statements might help identify where the money was spent. Were there too many restaurant meals, increasing food spending as a result? Was there too much temptation to shop online sales? Identifying budget lapses can make it easier to avoid them in the future.

💡 Quick Tip: Want a simple way to save more each month? Grow your personal savings by opening an online savings account. SoFi offers high-interest savings accounts with no account fees. Open your savings account today!

Cut Unnecessary Expenses Temporarily

When a budget is too restrictive, it can feel punishing. A budget can account for the unnecessary spending that makes life fun like travel, dining out, shopping, gifts, and beauty treatments. If these expenses create a problem in the budget, you can temporarily cut back on those categories. Once your budget is balanced again, those expenses can be put back into the mix. Balance is key.

Use a Budgeting Tool

A free budget planning app can help you customize your spending categories and even keep track of your bills. It will send you updates on your progress and let you see where your earnings and spending go each month. This can make creating a realistic budget even easier.

Build an Emergency Fund

One thing you can do to get back on track after going over budget is to make sure you have an emergency fund for financially difficult situations, such as expensive medical bills or necessary home repairs.

Emergency funds can also be used to prevent emergencies. For instance, an emergency fund might provide extra support if a debt payment is at risk of being paid late, which could incur fees and interest and add to your debt load.

💡 Quick Tip: If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.

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Explore Different Budgeting Techniques

Sometimes the trick to sticking to a personal budget—or bouncing back after going over that budget—is to try a different budgeting method. Not all methods work for all personality types. Take some time to find the right budgeting fit, even if the first few rounds don’t go according to plan. There are a few different popular budgeting methods that might help someone get their budget back on track, such as:

1. Line-item budget. This is probably what most people think of when they think of a budget. With a line item budget, the income and expenses are usually in a spreadsheet format where each expense is listed by category with the goal being not to exceed spending targets in any of the categories.

2. Proportional budget. This type of budgeting system requires dividing monthly income into three categories—needs, wants, and savings—based on percentages. The budgeter will allocate a spending percentage to each category and aim to stick to that budget. A common proportional budget is the 50/30/20 budget, with 50% of income going to needs, 30% to wants, and 20% to savings.

3. Paying-yourself-first budget. For those who want to keep their budget simple, this method is pretty straightforward. You simply “pay yourself first” which means you put money towards savings or financial goals first (perhaps 25% of your take-home income). Then you can spend the rest of your income exactly as you need or wish to.

4. Envelope budget. This technique provides a hands-on approach to spending that can be helpful for people who tend to swipe their credit card without fully realizing the potential consequences. With the envelope method, you use envelopes to hold cash that represent different spending categories. You then make all your purchases for the month in cash. If an envelope runs out of money, spending in that category stops until the next month — unless you borrow money from another envelope, limiting spending in that category.

5. Zero-sum budgeting. With zero-sum budgeting, you “spend” every dollar you have, allocating each one to a specific purpose, like adding money to your savings account. Once every dollar is allocated, there are zero leftover dollars, hence the name zero-sum budgeting.

Recommended: 15 Creative Ways to Save Money

Cut Out Temptations

Temptations happen, and it’s generally better to learn from budget mishaps than agonize over them. However, if there is a certain temptation that seems to rear its ugly head again and again while wreaking havoc on your budget, it might be time to send that temptation packing.

Common Triggers of Overspending

There are many things that might trigger overspending, but some common ones to look out for might be:

•   Email sale and coupon promotions

•   Social media advertisements

•   Friends who pressure others to spend

•   Grocery shopping when hungry

•   Shopping when emotional

•   Shopping as a reward

💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

Launch a Side Hustle

For someone who wants to get their budget back on track, a side hustle can be one way to bring in more cash and maybe even build valuable career skills and opportunities. Launching a side hustle might allow you to pursue a passion outside of your day job while benefiting your budget.

The Takeaway

Sticking to a budget can be challenging. If you go off track, don’t beat yourself up over it. Instead, determine what went wrong and how you can prevent it from happening in the future, cut your expenses for a few weeks, and figure out the best method to get your spending and savings back on track. You may even want to try another type of budget that could be easier to follow going forward.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.60% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

What’s the first step to get back on track after overspending?

When you’ve gone over budget, the first step is to carefully review your spending. Check bank and credit card statements to see where your money went and to identify why you overspent. Understanding your spending patterns can help you create a recovery plan.

What practical steps can help me recover financially after going over budget?

After overspending, determine how you can reduce non-essential spending. This might include limiting shopping and dining out, skipping the pricier takeout coffee in the morning, and pausing subscriptions until your finances are realigned with your budget. Also consider removing spending triggers, such as unsubscribing from emails that encourage impulse buys, shopping as “retail therapy,” or even acquaintances who encourage excess spending.

What practical tips can help me avoid overspending in the future?

To help maintain your budget, work on building an emergency fund. Having savings specifically for unforeseen costs like medical bills or urgent repairs can prevent these surprises from derailing your budget. Also consider trying a different budgeting technique, whether you’re using a spreadsheet or a budgeting app. Line-item budgets, proportional methods like the 50/30/20 rule, and “pay yourself first” are just some of the budgeting methods to consider.

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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.

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We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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May
30
2025

SoFi Investor Insights Survey 2023: 85% of Investors Plan to Change How They Invest in 2023

By | Growing Wealth, invest, Investing | Comments Off on SoFi Investor Insights Survey 2023: 85% of Investors Plan to Change How They Invest in 2023

This article is part of a series based on an Investor Insights Survey regularly conducted by SoFi to gauge investor sentiment and their outlook for the year. The survey for this article was conducted in 2022. For the latest survey, see the SoFi Investor Insights Survey for 2025.

The Investor Insights Survey series offers insights into how investors have responded over time to changes in the economy and how investors themselves are changing, from the types of assets they’re choosing, to the investing habits they’re developing, to how they manage investing stress.

Keep in mind that while investors’ outlook may change year-to-year, a long-term investing strategy with a diversified portfolio may allow you to ride out short-term setbacks in the market. It’s important to remember that investing decisions should always align with your own personal goals, time horizon, and tolerance for risk.

We don’t need to tell you that 2022 has been a challenging year for investors — what with interest rates soaring, the stock market plummeting, and the onset of another crypto winter.

What you might be surprised to know: There’s some good news here. In a recent survey, we asked 1,000 investors how they managed their portfolios in 2022, how they’re feeling about the market, and what their predictions are for 2023*.

While you might expect some anxiety or pessimism (and there was some), investors overall remain positive after a difficult year. Here’s what they had to say about stocks, crypto, how they coped with investing stress — and more.

Note: We rounded percentages to the nearest whole number, so some data sets may not add up exactly to 100%.

*This Investor Insights Survey was completed on October 5, 2022 and was conducted using a general U.S. population data set of 1,000 adults age 18 and older. Survey did not include known SoFi members or a SoFi member data set.

Key survey facts and findings

2022 SoFi Investing Survey

Before we dig into the details, here are some of the standout results.

•  93% of survey respondents continued to invest, despite the current market conditions.

•  Men were more likely to invest than women, and invest more money as well.

•  78% of crypto investors are generally optimistic that values will rebound.

•  And remarkably: 1 in four (25%) of investors had no regrets about 2022

Last highlight: How did investors cope with stress in 2022? Hobbies!

In general, investors stayed the course in 2022.

While the market hasn’t been kind to investors over the past year, it certainly hasn’t stopped many of them from investing. 93% of our respondents kept invested in 2022.

2022 SoFi Investing Survey

93% of respondents have invested in 2022

When it comes to the amount people have invested so far this year, men were more likely than women to invest — and invest more money when they did:

•  $0 – $499: 24%

◦  Male: 44%

◦  Female: 56%

•  $500 – $999: 23%

◦  Male: 50%

◦  Female: 49%

•  $1000 – $4999: 26%

◦  Male: 57%

◦  Female: 43%

•  $5000+: 21%

◦  Male: 68%

◦  Female: 32%

Many investors are still hoping to cash in on crypto.

It’s no secret that the crypto market has taken a beating, especially with the crash of FTX . Nonetheless, people are still holding on to their crypto investments.

45% of respondents say they have cryptocurrency in their portfolios. 65% of them even said they invested more than $500 in 2022. Most crypto investors (65%) are male and under the age of 55.

45% of respondents have cryptocurrency in their investment portfolio.

Over the past few years, cryptocurrency has become a more widely-accepted investment vehicle. Many investors have invested in crypto this year. Of these investors:

•  65% have invested $500 or more in 2022

•  Less than 3% haven’t invested any money into crypto in 2022

•  Only 7% of respondents aged 55 or older are invested in crypto

•  65% are male

And of those who invested $5000 or more in crypto in 2022, 80% are male.

While the crypto market is currently in a steep decline, most investors with cryptocurrency in their portfolios have invested at least $500 in 2022. Here’s what crypto investing looks like in 2022.

•  $0 – $499: 32%

•  $500 – $999: 23%

•  $1000 – $4999: 26%

•  $5000+: 16%

Only 3% of investors who have cryptocurrency in their portfolio haven’t invested anything into cryptocurrency this year.

78% of investors are either confident or cautiously optimistic the crypto market will bounce back

2022 SoFi Investing Survey
The crypto market remains volatile as rumors of a global recession continue to swirl. Despite this financial climate, most investors are hopeful of the future.

Of the 45% of respondents who have crypto in their portfolio:

•  78% of investors are at least “cautiously optimistic” that the crypto market will bounce back

•  Only 5% of respondents believe crypto is “dead.”

Overall, the crypto market still has plenty of believers. Whether that optimism will pay off remains to be seen.

Nearly 90% of people have invested in non-stock market-related assets.

2022 SoFi Investing Survey

Non-traditional market assets are on the rise due to stock market volatility. In fact, nearly 90% of our respondents invested money into a non-stock-market-related asset. Crypto was the most common non-traditional investment choice.

Certificate of deposits (CDs), Real estate investment trusts (REITs), and gold were the next most popular options. One respondent even told us they invested in Magic the Gathering trading cards—definitely a niche investment choice, but representative of investments that aren’t directly impacted by the stock market.

Here’s a full list of all the responses we received:

•  Certificate of deposits (CDs): 24%

•  Real estate investment trusts (REITs): 20%

•  Gold or other commodities: 20%

•  Crypto: 48%

•  Private equity funds: 22%

•  Government bonds: 19%

•  Other or none: 11%

Here’s what investors’ portfolios look like right now.

2022 SoFi Investing Survey

Nearly a third (32%) of respondents have less than $25,000 in their investment portfolio. Here’s a breakdown:

•  $0 – $24,999: 32%

•  $25,000 – $49,999: 22%

•  $50,000 – $99,999: 21%

•  $100,000 – $199,999: 12%

•  $200,000+: 14%

Most investors (nearly 75%) also invest highly into stocks. Cryptocurrency, mutual funds, and cash were the next most popular investment types.

•  Stocks: 72%

•  Cryptocurrency: 45%

•  Mutual funds: 41%

•  Cash or cash equivalents: 38%

•  Bonds: 31%

•  Exchange-traded funds (ETFs): 30%

•  Real estate: 23%

•  Index funds: 21%

•  Private equity: 14%

•  Other: 2%

Market volatility has impacted investors’ purchase and investment decisions.

Market volatility has impacted investors at all ages and stages, but it hasn’t slowed them down. Not only have many people continued to invest during these uncertain times, market volatility has inspired investors to adjust their strategies and spending.

More than a third of respondents (37%) say market volatility has caused them to make impulsive investment decisions.

2022 SoFi Investing Survey
Market volatility has caused some investors to respond emotionally, with over a third of respondents (37%) saying market volatility has caused them to make impulsive investment choices.

31% of these impulse decisions were made by investors aged 18-24. In fact, the younger you are, the more likely you are to make impulsive or emotion-driven financial decisions. Here’s the age breakdown of those who made an impulse move due to market volatility:

•  18-24: 31%

•  25-34: 23%

•  35-44: 23%

•  45-54: 17%

•  Older than 54: 7%

Of all the people who made impulsive investment decisions, 54% of our respondents say they’re happy with their choice. Specifically, only 20% of them regret them.

Maybe these rash decisions taught investors important lessons about the market. Maybe some are confident they’ll rebound.

One third of respondents (33%) had to cancel or delay plans or purchases in 2022 because of money lost on investments.

Many investors’ finances were impacted by the bear market: 33% said they had to cancel or delay plans in 2022 because they lost money on investments.

Ultimately, these mistakes prevented some investors from going on vacations, buying homes, and starting businesses. When we asked those who had to cancel or delay plans specifically which plans were impacted, here’s what they said:

•  Going on a trip: 27%

•  Making a major purchase (home, vehicle, etc.): 22%

•  Home renovations: 19%

•  Starting a business: 15%

•  Growing my family (getting married, having a baby, etc.): 10%

•  Retiring: 6%

•  Other: 2%

Over half of respondents did not make any major investment changes.

2022 SoFi Investing Survey
Market volatility still isn’t scaring investors away. Over half, or 55% of respondents held on to their assets during this year’s economic crisis.

When we asked investors how they reacted to market swings this year:

•  29% said they bought a lot of investment

•  17% said they sold a lot of investments

•  55% said they did not buy or sell investments

The investors that did sell some of their assets (45%) ultimately relinquished less than half of their portfolio. Only 7% sold 76% or more of their total investments.

Many investors have investment regrets about 2022 and are looking toward 2023.

With 2023 on the horizon, many investors are planning to adjust their strategies based on the lessons they learned this year.

People are split on how inflation makes them feel about their investment strategies in 2022:

Inflation can be a thorn in the side of investors. Our respondents were split in how they approached inflation in 2022:

•  39% of respondents said they want to invest more, despite inflation.

•  33% said inflation makes them want to leave their investments alone.

•  28% said inflation makes them want to invest less.

Of the 39% who want to invest more, Gen Z appears to be the most optimistic (27% of that subgroup are between the ages of 18 and 24).

One thing is for certain — confident investors will continue to engage with the market despite inflation.

In general, people have mixed emotions about their investments in 2022, but the most common feeling was optimism (26%).

2022 SoFi Investing Survey

There was also some variance in how respondents feel about their investments. Most were optimistic, and fewer felt stressed, disappointed, and content.

•  Optimistic: 26%

•  Stressed: 19%

•  Disappointed: 19%

•  Content: 15%

•  Excited: 14%

•  Regretful: 5%

•  Angry: 3%

Very few felt regretful or angry, which could be welcome signs of more market participation in the coming year.

While 5% of respondents feel regretful, a full 25% — or one in four investors — have zero regrets about 2022.

That said, 75% of respondents have some type of investment regret this year. And many have learned major lessons this year. Mainly, many wish they had bought more assets at lower prices.

Some of the most common investing regrets respondents expressed:

•  They should’ve bought more crypto when prices were at their lowest (18%)

•  They should’ve bought more stock when the market started to decline (16%)

•  They should’ve sold stock before the market started to decline (15%)

Not everyone was regretful about their investing activities: As noted, 25% of respondents have no regrets at all. And of those that have no regrets, 60% are 45 or older.

Here’s the breakdown of the investment regrets respondents had this year:

•  I have no regrets: 25%

•  I should have bought more crypto while prices were their lowest: 18%

•  I should have bought more stock when the market started tanking: 16%

•  I should have sold stock before the market started tanking: 15%

•  I should have sold my crypto early in the year: 10%

•  I should have bought gold: 9%

•  I should have held onto stock when the market started tanking: 7%

People use a variety of tactics to cope with the stress of market fluctuations:

We got a lot of interesting responses about how investors have dealt with the stress that came from market fluctuation.

•  41% took their mind off their portfolios by engaging in hobbies.

•  37% did their own investment research.

•  31% of them simply stopped checking their balances.

•  22% of respondents talked with their brokers for reassurance. 17% participated in online forums.

And on a positive note, 14% said the markets simply didn’t stress them out.

Nearly a third of respondents (30%) check their investment portfolios every day. And 75% check at least once a week.

Although one coping mechanism of market stress was to avoid checking balances, 30% of our respondents (65% of whom were male) check their investments every day.

Most respondents check their portfolio’s performance at least once a week. Here’s how often investors are checking their investment performance.

•  Every day: 30%

•  2 to 3 times a week: 29%

•  Once a week: 17%

•  A few times a month: 12%

•  Once a month: 7%

•  Less than once a month: 7%

Looking forward to 2023

2022 is almost over and many investors are already looking forward to next year. Let’s see how our respondents plan to adjust their strategies in 2023.

85% of respondents plan to make some changes to how they invest in 2023.

While most respondents have agreed to change their plans, 21% of them want to invest more into the market.

Here are other ways people plan to change their investment strategies next year:

•  19% plan to do more of their own investment research

•  14% plan to work with a financial advisor

•  10% plan to buy into a new type of investment

•  9% plan to change the asset allocations in their portfolio

•  6% plan to decrease how much they invest overall

•  5% plan to use a robo-advisor or automated investing

•  15% don’t plan to change anything.

If this year has taught investors anything, it’s to adapt their strategies and stay optimistic. When asked how they planned to change their strategies, here is how investors responded.

Key Takeaways

Historically, market volatility tends to even itself out, and investment values typically rebound. Investors’ attitudes and behaviors tend to mirror this pattern. While markets have been low in 2022, there are signs of recovery as the year draws to a close, and people appear to be optimistic about an upswing and plan to continue investing.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).


Take a step toward reaching your financial goals with SoFi Invest.

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For disclosures on SoFi Invest platforms visit SoFi.com/legal. For a full listing of the fees associated with Sofi Invest please view our fee schedule.

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.

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An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. This and other important information are contained in the Fund’s prospectus. For a current prospectus, please click the Prospectus link on the Fund’s respective page. The prospectus should be read carefully prior to investing.
Alternative investments, including funds that invest in alternative investments, are risky and may not be suitable for all investors. Alternative investments often employ leveraging and other speculative practices that increase an investor's risk of loss to include complete loss of investment, often charge high fees, and can be highly illiquid and volatile. Alternative investments may lack diversification, involve complex tax structures and have delays in reporting important tax information. Registered and unregistered alternative investments are not subject to the same regulatory requirements as mutual funds.
Please note that Interval Funds are illiquid instruments, hence the ability to trade on your timeline may be restricted. Investors should review the fee schedule for Interval Funds via the prospectus.

¹Claw Promotion: Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 45 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Probability percentage is subject to decrease. See full terms and conditions.

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May
29
2025
woman on floor on laptop

How to Create A Home-Buying Wish List Template

By | Budgeting & Goals, Home Ownership, mortgage | Comments Off on How to Create A Home-Buying Wish List Template

Are you thinking about hunting for a home or already hitting the open houses? If so, creating a home-buying wish list can help you identify what you need, what you want, what to avoid, and other key factors in your decision of whether to bid on a property or not.

By getting these thoughts down on paper (or an online document), you can better focus your house hunting and have a guide as you navigate this process.

Here, you’ll learn more about creating a home-buying wish list template and zooming in on the right property for you. It will also help you steer clear of falling for a house that can wind up being a bad fit as time passes.

Key Points

•   Creating a home-buying wish list involves daydreaming about your ideal home and then prioritizing realistic needs and wants.

•   Distinguishing between needs and wants helps you focus on essential features, avoiding impulsive decisions and buyer’s regret.

•   Budget constraints should also play into your wish list as you make necessary trade-offs and decide what your must-haves are and the best way to get them.

•   Align with other people who will be living in your home by daydreaming together, writing down preferences, and prioritizing needs and wants as a group.

•   Additional aspects to look at as you evaluate homes include natural disaster risks, home additions, utility costs, and HOA fees and rules.

What Is a Home-Buying Wish List?

A home-buying wish list is a simple template that can help you identify and prioritize the features you are looking for in a home. It gives you a method to evaluate whether a property is one to bid on or one to pass on.

For example, a wish list can help you zero in on the price you want to pay, the community you want to be in, the style and size of the home, the acreage of the property and outdoor features, and other variables.

By having a wish list, you can stay on target. Say you fell in love with a charming farmhouse with shutters and perfect window boxes full of flowers, but no ground-floor bathroom (or room to add one) and a roof in need of repair. If your wish list said, “Must have a ground-floor bathroom” and “Roof in good repair,” you would (ideally) be able to say no to the home’s curb appeal and keep searching. That way, you may well avoid having buyer’s regret.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.

Benefits of a Home-Buying Wish List

A home-buying wish list has several pros:

•  Creating a wish list gives you the opportunity to consider your needs and wants in a home. It also will help you prioritize the features that you most want in a property.

•  A wish list can help you stay on budget. If you know that you absolutely must have a spa-style bathroom or a chef’s kitchen, you need to stay focused on finding a home that offers that feature or else have money set aside to renovate to your specifications.

•  By developing a wish list, you and your partner or family member you are house shopping with can align on priorities.

•  You can better understand trade-offs involved in a home purchase. For instance, if you are determined to buy in an area with a hot housing market or a pricey school district, you may only be able to afford a smaller property than you might like.

Recommended: First-Time Homebuyer Programs

How to Create a Home-Buying Wish List

If you’re ready to dive in, follow these steps to develop your wish list.

First, Daydream a Little

After you’ve closed your eyes and thought about it, write down everything you saw in the vision.

Before writing down all your wants on a home-buying wish list, sit back and fantasize a little about what an ideal home looks like. This dream house will look different to everyone, but after you’ve closed your eyes and thought about it for a while, you should write down everything you saw in the vision.

Is there a big yard and open space (or even a pool), or is it in the center of town where all the action is? Do you gravitate toward a mid-century modern home or a center-hall colonial? Does the dream home come with a big eat-in kitchen, or are lots of bedrooms more important? Is there space for a game room? An outdoor spa? A wraparound deck or a balcony overlooking it all?

It’s your dream. Go ahead and dream about home size, home age, and home style. That way, you can better realize what you really want (and want to steer clear of) in a home. Start writing down your wish list.


💡 Quick Tip: With SoFi, it takes just minutes to view your rate for a home loan online.

Whittle Down the Dream List

After spending some time thinking about what a dream home would look like if money were no object and jotting down notes, you might then start crossing things off your list.

Realistically, maybe you don’t need five bedrooms but can live with three instead, and maybe the basement doesn’t need to be finished just yet. Or, perhaps a kitchen remodel can come with lower-end appliances that look like commercial ones but come with a more manageable price tag.

Bring that daydream list down to reality before beginning the search.

Consider Who You’re Buying With, Too

Before going out to buy a home, whether you’re a first-time homebuyer or old hand, it’s important to think about who’s going to live there. Is it just for one? A couple? A whole family?

It would be best to get everyone’s input on wants vs. needs to ensure that all will be satisfied with this monumental life and financial decision. You might want to sit down as a group and consider the following.

•  Setting: It may also be a good idea to get granular about your location. For instance, a potential homebuyer who has a dog may want to consider a neighborhood that has good walkability and sidewalks.

A potential buyer who works from home may want to think about how close a coffee shop is so they can pop over for a snack. Websites like Walk Score can help people discover how close cafes, shops, restaurants, grocery stores, and public transportation are to their new address.

•  The right school district: If you’re buying a new home with family members in mind, it’s important to consider every home’s school district. Websites like GreatSchools provide information on school district rankings. All users need to do is pop in the ZIP code.

Even if a homebuyer isn’t thinking about having children, school districts still may play a role in their home-buying decision. That’s because a school district can play a major part in a home’s resale value.

It may be a good idea to also draw up a neighborhood wish list.


💡 Quick Tip: To see a house in person, particularly in a tight or expensive market, you may need to show proof of prequalification to the real estate agent. With SoFi’s online application, it can take just minutes to get prequalified.

Home-Buying Wish List Template

Need some inspo for creating a home-buying wish list? Check out the Alabama Housing Finance Authority’s Home-Buying Wish List .

You can then customize it and drill down on the features that really matter to you. For instance, if you have school-age kids, you might add a line for after-school care programs; are they offered or not?

If you know you will be tight on cash for renovations, then you might get more specific about the age of key home systems, such as the HVAC, the major appliances, the roof, and so forth.

Recommended: What Do You Need to Buy a House?

Questions to Ask While Home Shopping

In addition to the usual features of a home, here are a few additional points to consider:

•  Are you in an area that is prone to natural disasters? Would you, say, need flood insurance, and how much would it cost?

•  Have any additions been made to the home? If so, was the paperwork (permits and such) properly filed?

•  What are the typical monthly utility costs for the home? This may help you get a ballpark number that can help you assess your home-buying budget.

•  Is there an HOA? If so, what costs are involved, and what rules are enforced?

The Takeaway

Creating a home-buying wish list helps to identify wants and needs, what is in the budget, and what everyone involved—spouse, children, pets, guests, an elder parent—can live with happily (if not ever after, for a while). Home style, size, neighborhood, and amenities all come into play.

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.


SoFi Mortgages: simple, smart, and so affordable.

FAQ

How do I make a house wish list?

A good place to start is with the Alabama Housing Finance Authority’s checklist. You can then customize the wishlist to better suit your areas of focus, such as school districts and programs, or, say, acreage and outdoor features.

How do I get my house ready to sell with a checklist?

Many home-buying sites and mortgage lenders offer downloadable checklists that help you get your house in order to sell. These typically review how to assess and enhance the exterior of your home, your property, as well as the interior. Usually, they go room by room with features for you to note and maintenance issues to potentially wrangle.

What is a house-buying must-have?

Something that you won’t be able to live in a new home without is a must-have. Things like electricity, heating, and plumbing are no-brainers. But must-haves can also include other items that are non-negotiable for you, which could mean good nearby schools, great light, or multiple walk-in closets.



*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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.


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.


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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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.

SOHL-Q225-170

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May
29
2025

2025 VA Home Loan Limits vs. 2024 VA Home Loan Limits

By | Family Finances, Home Ownership, mortgage | Comments Off on 2025 VA Home Loan Limits vs. 2024 VA Home Loan Limits

Thanks to home prices, which continued to rise in 2024, VA loan limits got a boost in 2025.

For most U.S. counties, the baseline limit for VA loans is now $806,500, compared to $766,550 in 2024. And loan limits for single-family homes in counties with higher home costs also increased — from a maximum (or “ceiling”) of $1,149,825 in 2024 to $1,209,750 in 2025.

What could higher loan limits mean for you? If you’re a veteran considering a home loan backed by the U.S. Department of Veterans Affairs, read on for a breakdown of what you can expect if you purchase a home this year.

Key Points

•   VA home loan limits for 2025 have increased from $766,550 to $806,500, reflecting higher home prices.

•   VA loan applicants with full entitlement because they are first-time homebuyers or have paid off previous VA loans do not have to worry about loan limits.

•   The national ceiling for high-cost counties has risen from $1,149,825 to $1,209,750.

•   Higher limits allow more veterans to qualify for larger loans without a down payment, benefiting those in expensive areas.

•   The VA guarantees up to 25% of the loan amount, with limits based on the borrower’s remaining entitlement.

What Is the VA Loan Limit?

To be clear: The VA doesn’t limit how much an eligible veteran, service member, or survivor using a VA loan benefit can borrow to finance a home. There are only limits on how much of the loan amount the VA will guarantee if the borrower is unable to repay the mortgage. And that limit can vary based on the status of the borrower’s VA entitlement.

Most borrowers who apply for a VA loan have something called “full entitlement.” This means that if the borrower defaults, the VA will guarantee — or repay the lender — up to 25% of whatever loan amount the lender approved based on its own criteria. If you’re a first-time homebuyer, or if you’ve paid off a past VA loan, you can expect to have a full entitlement.

But if a borrower has what the VA refers to as a “remaining entitlement” (they have a VA loan they’re still paying back), the VA will limit its guarantee based on the Federal Housing Finance Agency (FHFA) loan limit in the county where the home is being purchased.

Instead of paying the lender up to 25% of the full loan amount if the borrower defaults, the VA will limit its guarantee to up to 25% of the applicable FHFA loan limit minus the amount of the entitlement the borrower already used. Borrowers can still get a VA loan using their remaining entitlement, but they may have to make a down payment to get that loan if the loan amount is more than $144,000.

To check your VA entitlement status, you can request a certificate of eligibility (COE) through your lender, online, or by mail.



💡 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 from start to finish.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

When Do VA Loan Limits Apply?

You may wonder when VA loan limits apply and, more specifically, how annual changes to loan limits are calculated. The VA bases its loan guarantee limits on the conforming loan limits (CLL) the FHFA sets for conventional home mortgage loans that are eligible for purchase by Fannie Mae and Freddie Mac.

By law, the FHFA must adjust these limits annually to reflect changes to home prices in the U.S. Between the third quarter of 2023 and the third quarter of 2024, home prices increased, on average, by 5.21%, based on the FHFA House Price Index. So the 2025 baseline CLL increased by that percentage.

But your county’s loan limit could be considerably higher, depending on average home prices in your area.

These differences are, in part, due to the variability of cost of living by state.

2025 VA Loan Limit Calculator Table

Higher home prices across the U.S. brought the FHFA’s baseline limit (and, therefore, the VA’s baseline limit for 2025) to $806,500 for a single-family home in most counties.

But in counties where 115% of the median home value is higher than the baseline CLL, the limit has been increased by a percentage that reflects those higher prices. There is a ceiling, or cap, however, of 150%.

Here’s what that looks like for a single-family home in 2025 vs. 2024.

VA Loan Limits in 2025 and 2024

Year National Baseline 115% to 149% National Ceiling (150%)
VA Loan Limits 2025 $806,500 $899,247 to $926,668 $1,209,750
VA Loan Limits 2024 $766,550 $854,703 to $1,142,159 $1,149,825

If you’re buying in Alaska, Hawaii, Guam, or the U.S. Virgin Islands, special statutory provisions dictate the loan limit, which in 2025 is $1,209,750 for a single-family home.

VA Loan Limit Example

Here’s a hypothetical example of how a borrower could be affected by the county loan limit on a VA loan.

Let’s say Joe, a Navy veteran, wants to buy a home in San Diego County, even though he knows the cost of living in California is higher than average. Joe manages to find a $700,000 single-family home and he wants to buy with a VA loan, but he still owes $100,000 on another VA loan.

The 2025 limit in San Diego County is $1,077,550. Since the VA will guarantee up to a quarter of that amount, Joe has a maximum entitlement of $269,387.

$1,077,550 x .25 = $269,387

But Joe has to subtract the amount of his entitlement he’s already used, which leaves him with $169,387.

So, the VA would guarantee up to $169,387 of Joe’s loan.

Since most lenders want at least 25% of a borrower’s loan amount to be covered by the VA entitlement and/or a down payment, Joe might have to make a $5,613 down payment to get a VA loan for this home.

$700,000 x .25 = $175,000

$175,000 – $169,387 = $5,613

How Does My County Loan Limit Affect Me?

Just like Joe in the example above, if you’re using a remaining entitlement and your loan amount is over $144,000, your county loan limit could determine whether you’ll have to make a down payment to buy the home you want.

It doesn’t mean you can’t get the loan. If you have enough to make the down payment required by your lender, you may even qualify for a VA-backed loan that’s more than your county loan limit.

It’s important to note that though the example provided here is for a home purchase, the same entitlement limits apply if you’re considering refinancing your VA loan. In that case, your county limit could affect how much you’ll be asked to pay in closing costs.



💡 Quick Tip: Apply for a VA loan and borrow up to $1.5 million with a fixed- or adjustable-rate mortgage. The flexibility extends to the down payment, too — qualified VA homebuyers don’t even need one!†^

How to Apply for a VA Home Loan

Most VA loans are “VA-backed” loans, which means they’re issued by approved private lenders. The VA’s guarantee that it will help repay the lender if a borrower defaults is an incentive for lenders to offer these loans with attractive terms.

Still, it can be a good idea to shop around for the loan that best meets your family needs, and compare interest rates, fees, customer service, and any additional benefits various lenders might be offering.

You also may want to compare the terms of your top VA loan offer to what you can get with different types of mortgage loans, including a conventional loan.

Of course, no matter which type of loan you ultimately choose, you’ll still have to qualify for a mortgage with a lender.

There isn’t a requisite minimum credit score for VA loans. Instead, the VA asks lenders to review the borrower’s “entire loan profile,” which could include your credit history, DTI ratio, employment history, and assets. Individual lenders also may have their own approval criteria you should be aware of when you’re ready to apply for a VA loan.

Pros and Cons of VA Loan Limits

The VA loan limit is just one of several factors you may want to consider if you’re thinking about using a VA loan for a home purchase or a mortgage refinance. Like any other mortgage option, VA loans have their pros and cons. Here are a few to keep in mind:

VA Loan Pros

The upsides of VA loans can include:

•   Interest rates may be lower with a VA loan than with a conventional loan.

•   You may not need to make a down payment or pay mortgage insurance.

•   Though non-VA jumbo loans may require a higher down payment, this isn’t necessarily true with a VA jumbo loan.

•   If you decide to sell your home, you can allow the buyer to assume (or take over) your existing mortgage.

VA Loan Cons

Now, for the downsides:

•   VA purchase loans are only for primary homes; you can’t use the loan to buy a vacation home or to invest in a home that isn’t your main residence.

•   The VA charges a one-time “funding fee” that’s designed to cover foreclosure costs when homebuyers default on a loan. Currently, the fee ranges from 1.25% to 3.3% of the loan.

•   The home you hope to buy must be evaluated by a VA-approved appraiser to ensure it meets the VA’s minimum property standards. If the home you want is too rundown, it may not pass this appraisal.

Recommended: 2023 Home Loan Help Center

The Takeaway

VA loan limits are based on home prices in the U.S., and they’re adjusted annually to reflect price increases.

If you’re a first-homebuyer or you’ve paid off a past VA loan, you shouldn’t have to worry about VA loan limits. But if you want to buy a home and you already have a VA loan, the loan limit for your county could determine whether you’ll have to make a down payment to qualify for the amount you hope to borrow.

SoFi offers VA loans with competitive interest rates, no private mortgage insurance, and down payments as low as 0%. Eligible service members, veterans, and survivors may use the benefit multiple times.

Our Mortgage Loan Officers are ready to guide you through the process step by step.

FAQ

Will VA home loan limits increase in 2025?

VA home loan limits increased significantly in 2025. The baseline limit for VA loans is now $806,500, compared to $766,550 in 2024.

What is the conforming loan limit for 2025?

The national baseline conforming loan limit for 2025 is $806,500, although some counties have higher limits. The VA loan limit for a county is the same as its conforming loan limit.

What is the DTI limit for a VA loan in 2025?

The Department of Veterans Affairs hasn’t set a hard-and-fast limit on the debt-to-income ratio it requires for its loans. But generally, lenders allow a 41% maximum for a VA loan.

Photo credit: iStock/Thai Liang Lim

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.


SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.



*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.

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.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

SOHL-Q225-164

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May
29
2025

Open House Tips for Homebuyers

By | Home Ownership, mortgage | Comments Off on Open House Tips for Homebuyers

Attending an open house is a common step when you’re shopping for your dream home. Of course, it lets you see a property (often after it’s been styled and staged to look its best), which can trigger “I love it!,” “hard pass,” and every possible reaction in between.

But an open house also gives you information beyond just the surface appeal of a home. It can give you clues to structural issues, the level of home maintenance it’s received, and how popular it is with potential buyers. That is, it can if you know what to look for as you walk through, rather than just admiring some great use of subway tile or a charming farmhouse sink.

Here, learn about what to expect at an open house and how to get the most out of attending one.

Key Points

•   Going to an open house provides you with opportunities for detailed property viewing and assessing the neighborhood.

•   Face-to-face interactions with listing agents can offer more immediate and direct answers to questions than calling or emailing them.

•   Seeing a house in person may let you spot hidden flaws and attributes you don’t like.

•   Red flags such as uneven floors, mold, and drafts may indicate potentially serious issues.

•   An open house is a good opportunity to ask about the property’s history, the neighborhood, and what fixtures are included.

Benefits of Attending an Open House

At an open house, you can view a property, whether you’re just looking casually or already planning on getting your home loan. You can eyeball the house, the street, the neighbors’ places. It can be a great way to scope out what it might be like to live there.

There are several benefits to attending an open house as you move through the steps of buying a house. These include:

•   You can hone your house-hunting skills by taking detailed notes and comparing them to past and future listings.
•   It’s a face-to-face opportunity to make a good impression on the listing agent and ask as many questions as necessary (without having to wait for a reply).
•   Sometimes listing photos simply don’t do a house justice. The in-person lighting might be brighter, the hardwood floors shinier, or the primary bedroom larger than it seemed online.
•   Similarly, strategically hidden flaws, red flags, and nuances that can only be detected in person are exposed so you (and other potential bidders) can make a truly informed decision.

Recommended: How Long Does It Take to Buy a House?

What to Expect at an Open House

Some open houses are literally open, meaning they’re posted on a real estate listing or a sign out front and members of the public are allowed to stop by.

In other cases, an open house is available only by appointment and arranged by the seller’s broker.

Typically, the sellers won’t be on the scene at an open house. It’s likely their listing agent will handle the event, guiding potential buyers around the dwelling and answering questions.

There could be other house hunters or curious visitors attending the open house.

Most homebuyers will be provided with a booklet or pamphlet featuring details about the property, which could include the year it was built, heating and cooling information (oil vs. natural gas, etc.), the square footage, how many bedrooms and bathrooms there are, the size of the lot, types of appliances, and exterior features like decks, porches, pools, and sheds.

From there, house hunters will fill out a sign-in document that records their information for follow-up (unless this was already done in advance) and tour the property. This could occur with the listing agent in tow or by themselves, saving questions for the end.

Ready to find your dream home?
Check out a mortgage with SoFi today!

Open House Etiquette

Figuring out what to do at an open house isn’t always intuitive, but a crisp, respectful approach can go a long way:

•   Bringing along food, drinks, pets, or unruly children could be considered disrespectful and distracting.
•   Following the house rules can be crucial, so buyers should be prepared to remove shoes, steer clear of personal property, and ask permission before snapping photos.
•   Being polite and personable to the hosting agent can help potential homebuyers appear in a more favorable light.
•   Maintaining a poker face can be helpful during the open house process. If homebuyers spill the beans about how much they love the property, it could make negotiations tougher if and when they make an offer.

Recommended: The Mortgage Loan Process, Explained

Things to Look For at an Open House

If you stay focused and zoom in on details, you can learn a lot during an open house. Perhaps there’s an initially inconspicuous flaw on the exterior of the house or there’s no closet in the fourth bedroom.

Things to look for when buying a house and at an open house in particular could include:

•   Visible signs of neglect or damage (more on that soon).
•   Proximity to the neighbors and whether there’s sufficient privacy. A poke around the premises can also reveal what those new neighbors are like. Do they have a half-built skate park? A forever-barking dog? A chicken coop?
•   Closet and storage space and whether it’s enough to suit your needs.
•   What other potential buyers are up to. If they’re in and out quickly or lingering in one area in particular, perhaps it’s an indication of an issue you should investigate.

Recommended: First-Time Homebuyer Guide

Potential Red Flags

Aside from standard considerations like the ones above, some red flags to look for at an open house could include:

•   An abundance of sweet aromas from candles or air fresheners. This could signal hard-to-fix smells (perhaps caused by mildew or another issue) lurking under the surface.
•   Unevenly spaced tiles or crooked electrical outlets, which could signify sloppy DIY renovations that might require costly repairs down the line.
•   Issues with the foundation of the house like large gaps, doors that stick, windows with visible cracks, or uneven floors.
•   Proximity to water. Checking a FEMA flood map can also help potential buyers know whether there’s the risk of flooding and if flood insurance will be required.
•   Signs of lax property maintenance, including faded or chipped paint, leaky faucets, water damage, or overgrown grass and brush. These issues could signify that the owners have neglected other vital home maintenance tasks, which could mean a buyer needs extra funds to cover home repair costs.
•   Signs of mold: small black or gray spots in bathroom closets or cabinets, on the ceiling, or around showers, tubs, and faucets.
•   Exposed pipes with visible rust or leakage.
•   Drafts around windows, doors, and electrical outlets that could be a sign of neglect and a hefty heating bill come winter.
•   Stained or warped baseboards (especially in the basement) that could indicate a prior flood. A sump pump can also indicate that flood damage has occurred in the past.
•   Cosmetic damage like stains from pets that are strategically hidden by area rugs.
•   Condensation or peeling paint around windows, which could signify ventilation problems and moisture issues.

Recommended: How to Winterize a House

Questions to Ask at an Open House

Knowing what to ask is an essential element of attending an open house; it can help you make the most of the experience.

Here are a few key questions homebuyers can ask the selling agent:

•   What year was the house built?
•   Why is it being sold?
•   How long has it been on the market, and were there any asking price fluctuations?
•   Are there any offers?
•   Are there any problems the seller can disclose about the property? These are issues that could come up in an inspection but are made transparent between the seller and buyer, e.g., health and safety hazards, structural defects, mechanical issues, previous water damage, pests, or renovations.
•   Is the property part of a homeowners association? Are there monthly fees associated with it?
•   What is the local school system like? How about the neighborhood?
•   Is the sewer system handled by the town, or does it run on a private septic tank?
•   What fixtures and appliances are part of the purchase: washer/dryer, stove, refrigerator, lighting fixtures, and window treatments?

The Takeaway

After every question has been asked, every surface has been scoured, and every disclosure has been made, it might be time to bid and (with luck) snag your new home. Another important step will then be securing a home loan.

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.


SoFi Mortgages: simple, smart, and so affordable.

FAQ

What should I not do at an open house?

If you’re attending an open house, it’s a good idea not to reveal too much about your level of interest in the house. Likewise, it’s smart not to talk about your budget or any time constraints you may have. This information is extraneous to the open house, and it could affect your ability to negotiate later if you decide you want to make an offer on the property. Additionally, be a good guest: Don’t be rude or demanding; don’t bring food or drink; don’t bring unruly kids or pets; and ask before taking photos.

How long is an open house?

An open house typically takes from one to three hours. However, if you’re attending one, you’re not expected to stay for the duration. Instead, you should view the house, ask any questions you may have, and leave.

Do real estate agents go to open houses with you?

You can go to an open house without a real estate agent. That said, if you are far enough along in your house search to have engaged a real estate agent, it may be useful to have them with you when you review a property as they may be able to ask questions you don’t think of and provide context on the neighborhood.


SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.


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*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.

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.

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Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2023 was around $33K. Information current as of 2/26/24. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.

✝ To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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