Finance of America Mortgage Review 2022 | Bankrate

3,4 · Rezension von David McMillin

Finance of America Mortgage overview

Headquartered in Pennsylvania, Finance of America Mortgage is a full-service mortgage banker that offers loans in all U.S. states, Puerto Rico and the U.S. Virgin Islands. You’ll find virtually every type of mortgage among the lender’s loan programs, including options for real estate investors and landlords, and jumbo loans with a 10 percent down payment and no mortgage insurance. While you can apply for a loan online, Finance of America Mortgage prides itself on the personal touch, with a network of more than 270 branches and more than 1,400 advisors to assist you. According to the lender, its advisors have an average of more than 10 years of experience.

Good for

Borrowers who want a dedicated loan advisor instead of an online experience or are real estate investors

Loan types

  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term and student loan refinancing
  • Home equity line of credit (HELOC)
  • Renovation loans
  • Investment property (not available in North Dakota, South Dakota or Vermont)
  • Interest-only
  • Reverse mortgage

Lender fees

Finance of America Mortgage doesn’t disclose its fee structure online. Be sure to ask a loan advisor for a complete rundown of all additional fees you’ll need to pay to get a full picture of your costs.


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Finance of America Mortgage doesn’t display mortgage rates on its website. You’ll need to complete a prequalification form and create an account to receive any additional information about a loan.

Online services

You can submit an application through Finance of America Mortgage online to get prequalified for a loan. Once you’re further along in the process, you can also upload documentation via an online dashboard.

While the lender’s website offers some helpful calculators and educational tutorials on the home-buying process, this online experience is not as tech-forward as that of other digitally-focused mortgage companies; it’s primarily designed to have you connect with a loan advisor.

Minimum borrower requirements

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Finance of America Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, along with those backed by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA) and the U.S. Department of Agriculture (USDA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. The requirements for FHA, VA and USDA loans are detailed here:

  • FHA loan requirements
  • VA loan requirements
  • USDA loan requirements

The requirements for loans on investment properties can be a bit less stringent with this lender. Those looking for a single rental loan do not need to provide proof of income, and those looking to borrow less than $4 million for a fix-and-flip loan won’t need to show tax returns from the previous year.

Refinancing with Finance of America Mortgage

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You can refinance your existing mortgage with Finance of America Mortgage, but the lender doesn’t disclose any information about refinancing fees, how long refinancing takes or other key details online.

Notably, there is a loan option specifically focused on recent graduates that allows them to consolidate student loan debt into a mortgage or do a student loan cash-out refinance. The lender also recently launched a new refinancing option to consolidate high-interest financing on accessory dwelling units (ADUs) — in-law suites, finished basements and guest cottages, for example — with a primary mortgage.

Not sure if Finance of America Mortgage is right for you? Consider these alternatives

  • Ally Bank mortgage review – Available in the majority of the U.S., Ally’s borrowing experience includes a more robust online experience and jumbo loans up to $4 million.
  • Valley National Bank mortgage review – With a sizable list of loan programs, Valley has nearly all the same offerings but has a transparent fee structure, along with publicly-advertised rates.
  • NBKC Bank mortgage review – The bank offers loans throughout the U.S. and has a strong customer service rating from more than 1,000-plus reviews submitted to the Better Business Bureau.
  • First Mortgage Direct review – There are no origination fees, and fast preapprovals and investment property loans with this lender.
  • Direct Home Lending review – While its availability is limited, Direct Home Lending also offers investment property loans.

Breakdown of Finance of America Mortgage overall review score

  • Affordability: 3/5
  • Availability: 3.8/5
  • Borrower experience: 4.3/5

Review methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

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