Finance of America Mortgage Review for 2022

Finance of America has a wide range of mortgage loans for home buying and refinance. But you'll have to talk to a loan officer to learn about rates and requirements.

Finance of America
Minimum down paymentNot Listed
Minimum credit scoreNot Listed
Loan Products Offered

Fixed-rate mortgage
Adjustable-rate mortgage
FHA & FHA 203k
VA mortgage
USDA mortgage

Best Features

  • Diverse selection of mortgage options for home buying and refinance
  • Nationwide full-service mortgage provider
  • Offers investment property loans and student loan refinancing


  • Doesn't show current rates or fees on its website
  • You must select a loan officer before starting an application


Founded in 1994 and headquartered in Horsham, Pennsylvania, Finance of America Mortgage has more than 400 branches and 1,300 loan advisors across the nation.

This lender offers a diverse selection of loan options, whether you’re looking to purchase a home, refinance, or renovate a property.

Finance of America’s assortment of loan programs has solutions for first-time homebuyers, investors, and repeat buyers.

But although the lender has a large network of loan advisors and plenty of options, some programs aren’t available in all states. Additionally, you must connect with an advisor before completing an online application.

Rates and fees will vary by customer, so get a quote to see how competitive Finance of America’s pricing is for you.

Finance of America mortgage rates

Mortgage interest rates can vary a lot from lender to lender, hence the importance of comparison shopping.

Unfortunately, Finance of America isn’t as transparent about interest rates and fees as other mortgage lenders.

However, data reveals that FoA’s average 30-year fixed rate was 4.21% in 2019 (the most recent year available). This was in line with other major lenders.

Average 30-year mortgage rates at major lenders

Finance of America
Wells Fargo
Quicken Loans
Average 30-Year Interest Rate, 2019
4.21% 4.22% 4.16% 4.22%
Monthly P&I Payment*
$979 $980 $973 $980
Average Origination Fee, 20191
$2,128 $1,199 $2,805 $1,279
Average Loan Costs, 20191
$4,497 $3,484 $5,075 $3,440

When it comes to current rates, though, you can’t compare Finance of America by looking online. To receive rate information, you must first speak with a loan advisor.

Along with getting a quote from Finance of America, you should also request quotes from at least three other lenders. This will help you find the lowest interest rate and fees.

Average rate and fee data are sourced from public records required by the Home Mortgage Disclosure Act (HMDA).

*Monthly principal and interest payment based on a $250,000 home price, with 20% down, at each lender’s average 30-year interest rate for 2019. Your own rate and monthly payment will vary.

Finance of America mortgage review for 2022

Some mortgage lenders have a limited selection of mortgage programs, but this isn’t the case with Finance of America Mortgage.

The company offers several loans for purchasing and refinancing real estate. In addition, there’s the option of a home equity line of credit (HELOC) for homeowners looking to tap their equity.

As a bonus, you can also use a Finance of America mortgage loan for investment properties (rental and flipping), and for buying a fixer-upper as a primary residence.

Another plus — and also a unique option — is the ability to refinance student loan debt into the mortgage loan. This can simplify your finances by creating one monthly payment.

The lender is licensed in 50 states and DC, so you can apply for a loan regardless of your location.

But although Finance of America offers a wide variety of programs and plenty of helpful mortgage tools (mortgage calculator, refinance calculator, and affordability calculator), rate information isn’t available online.

That means you’ll have to fill out an application to figure out what your rate is likely to be.

Working with Finance of America

Getting pre-approved for a mortgage is the first step when buying a home. This way, you know how much home you can afford before meeting with a Realtor. Plus, a pre-approval indicates you’re a serious buyer when making an offer.

Most lenders will let you start your pre-approval online. However, Finance of America’s online mortgage application isn’t quite as easy to access as some others.

You must first click “Find an Advisor,” and it’s only after choosing a loan officer that you’ll see a link to complete the online application.

For a pre-approval, you’ll need to provide your personal information and supporting documentation, like:

  • Purchase price and down payment for the home you want
  • Bank statements
  • Investment account statements
  • Recent paystubs
  • At least two years of tax returns

You can give the documents to your mortgage advisor in-person, or upload them to a secured portal. The underwriter will also check your credit score and credit report after you submit your loan application.

From here, you’ll work with your loan advisor to determine the right mortgage solution for your new home or refinance.

Finance of America customer service reviews

Finance of America Mortgage scores a 4.4 out of 5 on Trustpilot, based on more than 100 reviews as of this writing. The majority of borrowers described their mortgage advisors as professional and knowledgeable.

In addition, Finance of America has 5 out of 5 stars on Zillow’s customer review platform.

Mortgage Originations 2019
CFPB Complaints
Complaints per 1,000 Mortgages
2020 JD Power Rating
Finance of America
65,200 13 0.20 Not Rated
Wells Fargo
1,026,800 342 0.33 840/1,000
Quicken Loans
774,900 187 0.24 883/1,000
527,600 188 0.36 860/1,000

The lender’s website doesn’t include estimates for closing costs, fees, or mortgage rates, yet several borrowers stated that their actual interest rate was “lower than expected.”

Although Finance of America doesn’t have a rating with J.D. Power, it does have few overall complaints filed against it with the Consumer Federal Protection Bureau (CFPB) — only 0.2 complaints per 1,000 borrowers.

Mortgage loan options at Finance of America

Current loan products available with Finance of America Mortgage include:

  • Conventional home loans — Choose either a fixed-rate mortgage or adjustable-rate mortgage. The typical minimum down payment is between 3% and 5%
  • Jumbo mortgage — For borrowers with loan amounts that exceed conforming loan limits set by Fannie Mae and Freddie Mac. Typically requires a minimum down payment between 10% and 20%
  • FHA home loan — A mortgage solution for first-time homebuyers and repeat buyers. This loan requires a minimum down payment of just 3.5%
  • VA home loan — A no-down-payment mortgage program available to veterans, active-duty military, reservists, and their eligible surviving spouses
  • USDA home loan — A lending option for homes located in USDA-eligible rural areas. No down payment required. Meant to be an affordable path to homeownership for lower and moderate-income buyers
  • FHA 203K rehab loan — Use this loan to finance the cost of a home purchase and home improvements on a primary residence. Great for purchasing and repairing a fixer-upper with a single loan
  • Home equity line of credit — Borrow up to 80% of your home’s equity. Use funds for debt consolidation, home renovations, or any other purpose. HELOCs require a minimum credit score of 680
  • Reverse mortgage — If you’re age 62 and older, you can borrow money using your home’s equity as collateral. Borrowers don’t repay the loan until they move out of the home or pass away
  • Single rental loan — A loan solution when buying an investment property to rent out
  • Fix and flip loans — Use this short-term loan to purchase, renovate, and flip a fixer-upper house
  • Student loan refinance — This unique option allows you to refinance and remove a cosigner from a student loan, or refinance your remaining student loan balance into a mortgage loan

The Finance of America mortgage website doesn’t provide specific information on minimum down payment and credit requirements for its various loan programs.

Typically, though, you’ll need a minimum credit score of:

  • 620 for a conventional loan
  • 580 for an FHA loan
  • 580-620 for a VA loan
  • 640 for a USDA loan
  • 680 or higher for a jumbo loan

If your credit score falls within these ranges but you’re having trouble getting qualified with Finance of America, you can apply with other lenders that may have looser credit guidelines.

Where can I get a mortgage with Finance of America?

NMLS ID #1071

Finance of America loans are available nationwide.

Finance of America Mortgage LLC is licensed in 50 states and DC, although some loan programs aren’t available in all states.

You can apply for a loan in-person at one of 400 branches, or work with one of the company’s 1,300 online loan advisors across the country.

Is Finance of America the best mortgage lender for you?

Thanks to its wide range of loan options, Finance of America could be a good choice for all types of mortgage borrowers.

The lender offers programs that you might not find elsewhere, such as Fix and Flip Loans, Single Rental Loans, and student loan refinancing.

But this lender won’t be the right fit for everyone.

Requirements, interest rates, and closing costs vary from one mortgage company to the next. So you should apply with a few different lenders to make sure Finance of America is most affordable for you.

Be mindful, too, that the company is not forthcoming about rates and fees online. You’ll have to contact a loan advisor to get this information.


  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings