SoFi Mortgage

[dt3813]

I am starting the mortgage process with SoFi. They have a 10% down Jumbo product that I am interested in. I started the process online on 2/18. I received an automatic pre-qualification for $1.6 million. Hahaha. I can even afford the taxes on a $1.6 million house, but it was an approval. They take you all the way through underwriting for a pre-approval. I started gathering all my documents and uploading them onto their system. The process was very easy. On 2/20 someone from the company called to talk to me about the process, my documents and answered any questions. I'm still waiting on the official pre-approval, but supposedly once you receive it getting to closing is fast enough that you can compete with cash offers. So far it's been pretty easy. I think my MMS is 747 or close to that. No baddies on my credit. Pretty decent income about $300k this year. My husband just started working in February $62,500. Looking at a $500k house with 10% down. That's my SoFi story. I'll post my results. I should know more today or tomorrow.

[dt3813]

I heard from SoFi today. They needed a HOI document, mortgage statement on my current house and it's being sent to the senior underwriters. So far this has been a very easy process that I would recommend to anyone that meets their criteria. That being said, I could still be denied!

[Anonymous]

I am following so keep updating.  I hope you have a sucessful outcome on this...

[dt3813]

At this point my application has been suspended because in the disclosures I disclosed a foreclosure in 2009. My name was off the title in 2009. So I'm not sure if at this point I will be denied, understandably.

[Anonymous]

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@dt3813 wrote:
At this point my application has been suspended because in the disclosures I disclosed a foreclosure in 2009. My name was off the title in 2009. So I'm not sure if at this point I will be denied, understandably.

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Sorry to hear.... SOFI is very strict.  So start looking for alternatives if you can and if you haven't already done that.

[kc0039]

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@dt3813 wrote:
At this point my application has been suspended because in the disclosures I disclosed a foreclosure in 2009. My name was off the title in 2009. So I'm not sure if at this point I will be denied, understandably.

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I don't think it's the foreclosure... It's your Chapter 13 D/C date. You must close on a house after 6/24/2017. IF they give you a pre-approval now, who's to say you're not going to put an offer on the house then close in May. That may be why it's suspended

[dt3813]

My understanding is that is for a Freddy/fanny loan. Sofi doesn't go by the same criteria, which is why I applied with them, because I have another 106 days for conventional. So really if I get denied with sofi I'm very close with an easy conventional approval.

[kc0039]

95% of mortgages are sold to the secondary market. Most lenders just service them. SoFi is probably selling it to the secondary market, raising the interest rates high enough, so they can use LPMI

[dt3813]

Thank you so much. It's actually not an issue. I'm having no problems. They've been wonderful. The house price dropped and put me in conforming loan range with my down payment.

[Anonymous]

What ever happen with all this? I just refinanced my student loan with them super easy process so was wondering about their mortgage side ...