Eligibility Criteria

Student Loan Refinancing Eligibility

Before you apply for SoFi student loan refinancing, we’d like you to be aware of the eligibility criteria. In addition to the information noted below, you must also meet our underwriting criteria to obtain a loan from SoFi.

  • You are at least the age of majority in your state and able to enter into a binding contract
  • You and your co-signer (if applicable) are US citizens or permanent residents
  • You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
  • You have graduated from a selection of Title IV accredited universities or graduate programs
Loan eligibility depends on a number of additional factors, including your financial history, career experience, and monthly income vs. expenses.

State Eligibility:

We offer refinance loans in 49 states plus the District of Columbia. Residents of Nevada are not eligible for a refinance loan at this time.

Minimum loan amount:

$5,000 (may be higher in specific states due to legal requirements)

Eligibility criteria current as of 9/15/16


Parent Loan Eligibility

Before you apply for a SoFi Parent Loan, we’d like you to be aware of the eligibility criteria. In addition to the information noted below, you must also meet our underwriting criteria to obtain a loan from SoFi.

  • You are at least the age of majority in your state
  • You are a US citizen or permanent resident
  • You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
  • Your child is a full-time student attending school from a selection of Title IV accredited universities or graduate programs
Loan eligibility depends on a number of additional factors, including your financial history, career experience, and monthly income vs. expenses.

State Eligibility:

We offer Parent Loans in 49 states plus the District of Columbia. Residents of Nevada are not eligible at this time, and variable rate loans are not offered in Illinois or Ohio.

Loan amount:

Minimum $5,000 (may be higher in specific states due to legal requirements) Maximum up to the Cost of Attendance (less any grants and other aid)

Eligibility criteria current as of 9/15/16

Personal Loan Eligibility

Before you apply for a SoFi Personal Loan, we’d like you to be aware of the eligibility criteria. In addition to the information noted below, you must also meet our underwriting criteria to obtain a loan from SoFi.

  • You must be a U.S. citizen or permanent resident alien
  • You are at least the age of majority in your state
  • You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days
Loan eligibility depends on a number of additional factors, including your financial history, career experience, and monthly income vs. expenses.

Personal loans have a minimum loan amount of $5,000 and maximum of $100,000. Minimum loan amount may be higher in specific states due to legal requirements.

State Eligibility:

SoFi Personal Loans are not available to residents of MS and NV. Maximum interest rate on loans for residents of AK, OK, TX and WY is 9.99% APR, for residents of ME is 12.24% APR and for residents of CO, CT, HI, KS, SC, VA is 11.99% APR. Personal loans not available to residents of Michigan who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, IL, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Variable rates not available to residents of AK, IL, OK, TX, WY.

Eligibility criteria current as of 12/1/16

Mortgage Eligibility

Before you apply for a SoFi mortgage or mortgage refinancing, we’d like you to be aware of the eligibility criteria. In addition to the information noted below, you must also meet our underwriting criteria to obtain a home loan from SoFi. Loan eligibility depends on a number of additional factors, including your credit history, income and employment status and history.

    • You are at least the age of majority in your state
    • You (or any co-borrower or co-signer) are a U.S citizen, or an eligible permanent resident alien or non-permanent resident alien. Other restrictions and eligibility criteria apply to resident alien applicants and non-permanent resident alien applicants.
    • You are not financing an investment property
    • You are purchasing or refinancing a primary residence or second home in AL, AZ, CA, CO, CT, DE, DC, FL, GA, ID, IL, IN, MD, MN, MT, NJ, NC, ND, OR, PA, RI, TN, TX, VA, VT, WA, WI or WY
    • You are purchasing a primary residence or second home in NY
    • The property you are purchasing or refinancing will be your primary residence or second home for at least 12 months
SoFi does not originate mortgage loans in Alaska, Arkansas, Hawaii, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, Ohio, Oklahoma, South Carolina, South Dakota, Utah, or West Virginia.

SoFi Mortgage State Licensing Details

SoFi Lending Corp. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580.

SoFi is currently able to issue and refinance mortgages in the following states:

Alabama

Consumer Credit License No. 21983

Arizona

SoFi Lending Corp., 1035 W. Queen Creek Rd Ste 101 Chandler, AZ 852480, Mortgage Banker License #BK-0934275;

California

Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612/NMLS # 1121636

Colorado

Mortgage Company Registration License: 1121636

Connecticut

Licensed by the Connecticut Department of Banking – Mortgage Lender License # ML-1121636

Delaware

Delaware Lender License # 30278

District of Columbia

Mortgage Dual (Lender & Broker) Authority License No. MLB 1121636

Florida

Mortgage Lender Servicer License # MLD1108

Georgia

Georgia Mortgage Lender License No. 42010

Idaho

Mortgage Broker/Lender License: MBL-8673

Illinois

Illinois Residential Mortgage Licensee License No. MB.6761063
Department of Financial and Professional Regulation

 Division of Banking

100 West Randolph, 9th Floor

Chicago, IL 60601

312-814-4500

Indiana

First Lien Mortgage Lending License No. 25660

Maryland

Maryland Mortgage Lender License # 21585

Minnesota

Residential Mortgage Originator License # MN-MO-1121636

Montana

Licensed by the Montana Division of Banking and Financial institutions, Montana Mortgage Lender License # 1121636

New Jersey

Licensed by the New Jersey Department of Banking and Insurance Residential Mortgage Lender License 1121636

New York

Licensed Mortgage Banker – NYC Department of Financial Services License Number 108933 – NMLS 1121636

North Carolina

Mortgage Lender License No. L-160812

North Dakota

Money Broker License No. MB102764

Oregon

Oregon Mortgage Lending License # ML-5418

Pennsylvania

Licensed by the Pennsylvania Department of Banking Mortgage Lender License No. 46311

Rhode Island

Rhode Island Lender License # 20153065LL

Tennessee

Tennessee Mortgage Lending License # 127518

Texas

Consumers wishing to file a complaint against a mortgage company or a licensed mortgage company residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at WWW.SML.TEXAS.GOV. A toll-free consumer hotline is available at 1-877-276-5550.

The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage company residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at WWW.SML.TEXAS.GOV. The department maintains the mortgage broker recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult Subchapter F of the Mortgage Broker License Act on the department’s web at WWW.SML.TEXAS.GOV.

Vermont

Licensed by the Vermont Banking Division – Lender License # 6705

Virginia

Virginia Lender License # MC-5906 – SoFi Lending Corp. NMLS ID #1121636. NMLSconsumeraccess.org. As a result of refinancing, the total finance charge over the life of the loan may be higher.

Washington

Consumer Loan Company License CL-1121636

Wisconsin

Mortgage Banker License 1121636BA

Wyoming

Wyoming Mortgage Lender License # 2659


If you don’t see your state listed here, please let us know you are interested so that we can contact you as we expand our mortgage program.

Email us or call 844-763-4466

Eligibility criteria current as of 1/10/17

Questions? Call us for a free consultation at 855-456-7634

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