Finance of America Mortgage Review for 2024

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.

Lending flexibility4.8
Customer service4.9
Ease of application1.0
Online experience3.7
Our Score
Finance of America
Minimum down paymentNot Available
Minimum credit scoreNot Available
Loan Products Offered

Conventional mortgages
FHA & FHA 203k
VA mortgages
USDA mortgages

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


The Mortgage Reports may be compensated by some of the mortgage lenders we review. However, this does not affect our review process or the ratings lenders receive. All reviews are created independently by our editorial team. We review products and services from partner lenders as well as lenders we do not work with.

Founded in 1994 and headquartered in Horsham, Pennsylvania, Finance of America Mortgage has hundreds of branches and more than 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. There are solutions for first-time homebuyers, investors, and repeat buyers alike.

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

Data from 2021 (the most recent available) reveals that Finance of America mortgage rates are about in line with major mortgage lenders on average. And many borrowers paid less in total loan fees than with other big companies like Rocket Mortgage and PennyMac.

Finance of America’s website doesn’t include estimates for closing costs, fees, or mortgage rates. Yet several borrowers stated in online reviews that their actual interest rate was “lower than expected.”

Average mortgage rates at major lenders

Finance of AmericaRocket MortgageWells FargoPennyMac
Avg 30-Yr Interest Rate, 202113.10%3.00%3.14%2.87%
Median Total Loan Costs, 20211$3,696$4,670$3,600$5,870
Median Origination Fee, 20211$1,290$2,430$1,330$1,520

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

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 for your situation.

Find your lowest mortgage rate. Start here

Finance of America mortgage review for 2024

Some mortgage lenders have a limited selection of home loan programs, but this isn’t the case with Finance of America Mortgage. The company offers loans for purchasing and refinancing real estate as well as a home equity line of credit (HELOC) for homeowners looking to tap their equity.

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

Finance of America is licensed in 50 states and Washington D.C., so you can apply for a loan regardless of your location.

Although the company offers helpful digital mortgage tools (mortgage calculator, refinance calculator, and affordability calculator), current rate information is not available online. That means you’ll have to fill out an application to figure out what your mortgage interest rate is likely to be.

Working with Finance of America

Getting preapproved for a mortgage is the first step when buying a house. This way, you know how much home you can afford before meeting with a Realtor or real estate agent. Plus, a preapproval indicates you’re a serious buyer when making an offer.

Most lenders will let you start your preapproval 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 preapproval, you’ll need to provide personal information and supporting documentation, including:

  • Purchase price and down payment for the home you want
  • Bank statements
  • Investment account statements
  • Recent pay stubs
  • 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 4.0 out of 5 stars on Trustpilot, based on more than 500 reviews as of this writing. The majority of borrowers described their mortgage advisors as professional and knowledgeable. In addition, the company has 4.97 out of 5 stars on Zillow’s customer review platform.

Customer service reviews at major lenders

CFPB Complaints, 20214Complaints Per 1,000 Mortgages, 20215J.D. Power Satisfaction Score, 20216
Finance of America70.07Not Rated
Rocket Mortgage3760.24876/1,000
Wells Fargo4880.58832/1,000

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 0.7 complaints per 1,000 borrowers.

Mortgage loan options at Finance of America

Current loan products available with Finance of America Mortgage include:

  • Conventional loans: A loan conforming to guidelines set by Freddie Mac and Fannie Mae. The typical minimum down payment is between 3% and 5%, but you’ll need to pay private mortgage insurance (PMI) until you reach 20% home equity
  • 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 loans: You can put down as little as 3.5% of the home purchase price. But you’ll typically have to pay mortgage insurance premiums (MIP) until you sell or refinance. This is a popular loan type for first-time home buyers
  • VA home loan: A no-down-payment mortgage program available to veterans, active-duty military, reservists, and their eligible surviving spouses
  • USDA loan: A loan option for homes located in USDA-eligible rural areas. No down payment is required. Meant to be an affordable path to homeownership for lower and moderate-income buyers
  • FHA 203K rehab loan: Use this loan type 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
  • Fixed-rate mortgages (FRMs): Fixed-rate loans offer regular monthly mortgage payments over the life of the loan term, often 15 or 30 years
  • Adjustable-rate mortgages (ARMs): Adjustable-rate loans have a fixed interest rate for the first few years. Then their rates can float up and down with wider interest rates
  • 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

Finance of America’s website doesn’t provide specific information on minimum down payment and credit requirements for its various loan programs. But typically, 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.

Refinance and home equity lines of credit (HELOC)

In addition to home purchase loans, homeowners who are looking to refinance their current mortgages have options, too. Finance of America features a variety of refinance loans to help borrowers lower their mortgage payments, own their homes sooner, or tap their equity.

  • Rate-and-term refinance: Exchange your original mortgage with a new one that offers more favorable loan terms and/or a lower interest rate
  • Cash-out refinance: Access your home equity by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash.
  • 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
  • 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

Where can I get a mortgage with Finance of America?

NMLS ID #1071

Finance of America loans are available nationwide. The company is licensed in 50 states and D.C., 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.


The Mortgage Reports considers multiple factors when reviewing lenders. These factors include credit and down payment requirements, loan types offered, customer service indicators, and availability of online tools. We then use these factors to rank lenders in four categories:

  • Lending flexibility: Includes the number of loan types offered, special programs offered, minimum down payment requirements, and minimum credit score requirements
  • Customer service: Includes CFPB complaints per 1,000 loans and average rating from other top rating services
  • Ease of application: Includes the availability of an online pre-approval or pre-qualification process
  • Online experience: Includes the robustness of the lender’s online offerings, including online chat availability, phone number availability, and learning center/help center availability
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  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