Eligible veterans include honorably discharged individuals with less than three years of active duty service, military academy graduates, ROTC members, and those who attended school more than 10 years after discharge.Participants must meet the same eligibility criteria, including employment requirements, as regular borrowers.
Principal and interest payments are made at the same rate for the entire length of the loan.
So Fi issues mortgage loans as large as $2.5 million and never charges origination fees.
For existing customers, So Fi offers three types of mortgage loans to borrowers in California only, though it plans on expanding its geographical reach.
With the 7/1 ARM, you pay a fixed rate (currently about 3.38%, or Libor plus 3.25%) for seven years, then accept yearly adjustments to your rate.
Currently offered as a pilot program for parents of Stanford students, So Fi’s parent loans help parents pay for undergraduate tuition and room and board costs, with no borrowing caps or origination fees. Loans are offered at fixed rates (currently 4.13% to 7.13%, or Libor plus 4% to 7%) or variable rates (starting at 3.16% to 5.41%, or Libor plus 3% to 5.25%), with caps of 8.95% for 10-year loans and 9.95% for those of 15 years.
For budding entrepreneurs, So Fi may defer student refinancing loan repayments for up to six months.
Depending on your credit history, you may be charged an origination fee of up to 2%.
Though you don’t need to put up collateral for a So Fi personal loan, you do need a credit score of 700 or higher to qualify.
The program also includes networking opportunities with other So Fi entrepreneurs, professional mentoring services, and access to So Fi’s accredited investors, who may be able to provide startup funding.
To prove that you’re an entrepreneur, you need to submit a business plan or presentation to [email protected]So Fi offers special rates on student refinance loans for veterans who don’t qualify for full tuition coverage under the 9/11 GI Bill.
So Fi is also currently offering a 0 bonus to new borrowers who sign-up through a referral link, though this could change in the future.