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 flexibility 4.8 Customer service 4.9 Ease of application 1.0 Online experience 3.7 Minimum down payment Not Available Minimum credit score Not Available Loan Products OfferedConventional mortgages
FHA & FHA 203k
VA mortgages
USDA mortgages
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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.
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.”
| Finance of America | Rocket Mortgage | Wells Fargo | PennyMac | |
| Avg 30-Yr Interest Rate, 2021 1 | 3.10% | 3.00% | 3.14% | 2.87% |
| Median Total Loan Costs, 2021 1 | $3,696 | $4,670 | $3,600 | $5,870 |
| Median Origination Fee, 2021 1 | $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.
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.
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:
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 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.
| CFPB Complaints, 2021 4 | Complaints Per 1,000 Mortgages, 2021 5 | J.D. Power Satisfaction Score, 2021 6 | |
| Finance of America | 7 | 0.07 | Not Rated |
| Rocket Mortgage | 376 | 0.24 | 876/1,000 |
| Wells Fargo | 488 | 0.58 | 832/1,000 |
| PennyMac | 117 | 0.20 | 827/1,000 |
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.
Current loan products available with Finance of America Mortgage include:
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:
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.
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.
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.
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: