Finance of America Mortgage Review

A variety of loan programs with hundreds of branches in the U.S.

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Finance of America Mortgage

Finance of America Mortgage

Investopedia’s Rating

Our Take

Finance of America Mortgage offers loan products that meet a variety of borrowers' needs, whether you want a conventional mortgage or not. You must work with a loan officer to receive rates, fees, and terms, but new applications are no longer being accepted.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
  • Numerous mortgage products are available

  • Nationwide network of loan officers

  • Excellent customer service experience

  • Can’t apply for a mortgage online

  • Rate information is not available on its website

  • Local branches are not available in all areas

Key Takeaways
  • There are many options for people seeking a non-conventional mortgage.
  • Local branches are available in most major cities.
  • Submit an online inquiry to get the mortgage process started.
  • Mortgages may be sold to another servicer after they are funded.
Company Overview

Finance of America Mortgage was founded in 1994 and now has 3,000 global employees. In 2021, it funded over 80,000 mortgages worth over $29 billion. Although Finance of America Mortgage only has offices in 31 states, it is licensed to originate mortgages in all 50 states. Its headquarters are in Conshohocken, Pennsylvania, just outside of Philadelphia.

Below you’ll find details about Finance of America’s conventional mortgages.

  • Minimum Credit Score 500
  • Maximum Debt-to-Income Ratio 55%
  • Minimum Down Payment 3%
  • Average Days to Closing 26 days

In October 2022, Finance of America Companies announced its decision to close down its retail mortgage division, Finance of America Mortgage. Traditional mortgages that were offered to homebuyers in the past are no longer available.

If you’re looking for a mortgage to buy or refinance your home, Finance of America Mortgage offers a variety of loans for every borrower type. This lender has conventional and jumbo mortgages, as well as government-backed loans like FHA, VA, and USDA. You can also apply for more unusual loan types, such as reverse mortgages, renovation loans, and loans for investors.

While you can head online to start the application process for a mortgage with Finance of America, you'll need to speak with a loan officer to discuss mortgage products, rates, and fees. This lender may be best for borrowers who need more hand-holding throughout the mortgage process or those with more exotic mortgage needs. The company receives high marks in its online reviews and customers rave about how helpful its loan advisors are.

Pros Explained

  • Numerous mortgage products are available: Finance of America Mortgage offers traditional mortgages, reverse mortgages, renovation loans, and investor loans.
  • Nationwide network of loan officers: The company has over 1,300 advisors across the country to provide local support to customers who need a mortgage.
  • Excellent customer service experience: Finance of America came in sixth place in Investopedia’s survey of mortgage customer satisfaction (out of 45 lenders), and customers give Finance of America Mortgage 4.97 out of five stars on Zillow. Comments talk about how loan officers walk borrowers through the process and go above and beyond to help them close their mortgages.

Cons Explained

  • Can’t apply for a mortgage online: If you want to apply for a mortgage, you must call a local office or the national call center, or you can submit your information and wait for a loan officer to call you back.
  • Rate information is not available on its website: Customers who want to shop for rates cannot see sample rates, fees, and terms. Instead, they must speak with a loan officer to receive a quote.
  • Local branches are not available in all areas: Borrowers who want to work with a local loan officer may not always find one in their area. When that happens, they have to work with the national call center to apply for a mortgage.

Finance of America has a lot going for it, but you should always explore your options before committing to a lender. Take a look at our picks for the best mortgage lenders to get started.

Types of Mortgage Loans Offered by Finance of America Mortgage

  • Conventional Loans: A conventional home loan is a standard mortgage with a 20% down payment for buyers with good credit. Some conventional loans allow down payments as low as 3% when borrowers pay for private mortgage insurance.
  • Jumbo Loans: Jumbo loans are for homes that cost more than the conforming loan limits for the local area. Borrowers typically need higher credit scores, larger down payments, and more cash reserves to qualify for a jumbo mortgage.
  • FHA Loans: FHA mortgages are for borrowers with lower credit scores and low-to-moderate income. Down payments as low as 3.5% make them an ideal loan for first-time homebuyers.
  • VA Loans. Qualified veterans, active duty military members, and their family members have access to 0% down payment loans with no mortgage insurance required.
  • USDA Loans: USDA provides this loan program for rural homebuyers; it offers loans up to 100% of the purchase price.
  • Reverse Mortgages: Seniors age 62 and up can unlock their home's equity to withdraw cash or receive a monthly income with a reverse mortgage. Reverse mortgages also eliminate mortgage payments while the homeowner lives in the home.
  • Renovation Loans: A renovation loan is for the homebuyer who buys a fixer-upper property or needs cash to update a home they already own. These loans provide funds to buy the home and pay for the necessary renovation costs.
  • Fix & Flip Loans: Fix & Flip mortgages are for investors who want to fix up a property and sell it quickly, usually within 12 to 18 months. Investors get approved for a maximum credit limit and then can submit new properties with very little paperwork.
  • Single Rental Loans: These are for investors who want to buy a rental property based on the unit's cash flow and value. These loans do not require the borrower to provide proof of income.
  • Home equity line of credit (HELOC): A home equity line of credit allows homeowners to tap into their equity, as needed, up to a specified credit limit. HELOCs place a second lien against the home that avoids the need to refinance your first mortgage. A minimum credit score of 680 with a maximum debt-to-income ratio of 43% is required on HELOCs up to $499,999.

Finance of America Mortgage Features and Benefits

  • Partially online application process
  • Website calculators help borrowers evaluate loan options
  • Local branch offices give borrowers a single point of contact
  • Available in all 50 states

How to Apply for a Finance of America Mortgage Loan

The last day to submit applications was Oct. 25, 2022, as Finance of America has discontinued its residential forward mortgage operations.

Finance of America previously allowed homeowners to contact a local loan officer or the national call center at (833) 505-2117. If you had preferred to work with a local loan officer, you would have followed these steps:

  1. Visit the Finance of America Mortgage website to find a local loan officer.
  2. Enter your zip code and click search.
  3. Contact your local loan officer.
  4. Work with your loan officer, providing your personal and financial information to complete the mortgage application.

Customer Service

If you have questions about your mortgage application, the best approach is to speak directly with your local loan officer. You can find the nearest local branch on Finance of America’s site, along with its direct phone number and hours of operation. Most branch offices are open Monday through Friday from 9 a.m. to 5 p.m.

You can call the national call center at (833) 505-2117 or email Finance of America Mortgage at The lender also provides an online form where you can submit your information and get a call or email later.

Customer Satisfaction

Based on Investopedia’s survey of mortgage borrowers and online reviews, customers have a positive experience with Finance of America Mortgage. The survey asked 1,195 mortgage customers about their experience with 45 lenders, and Finance of America came in sixth place for customer satisfaction.

Finance of America’s average Zillow score is 4.97 out of five stars with over 6,100 reviews registered. Recent reviewers indicate that their mortgages closed on time with interest rates and closing costs as expected. Comments highlight how helpful, kind, and knowledgeable the company’s loan officers were.

Account Management

Finance of America does not service all of the loans that it originates. Once your loan is funded, the servicing rights may be sold to another company. This means that all payments are made to a different company.

You will receive a monthly mortgage statement from your loan servicer, but you can also find your servicer through the Finance of America Mortgage loan servicing page. After locating your servicer with this tool, you can set up an online account to make payments, view your account history, and access other features.

If Finance of America Servicing services your mortgage loan, you can view your account online or through its mobile apps (Apple, Google Play).

Alternative Choices

Before submitting your application, it is wise to get multiple quotes to find the best possible mortgage rates and terms. We suggest contacting the best mortgage lenders to discuss your situation and get a quote that you can compare with other lenders. Below is a chart that compares a few different lenders, the loan types they offer, and what sets them apart.

  Loan Types Offered Special Features
Finance of America Mortgage  Conventional, Jumbo, VA, FHA, USDA Offers reverse mortgages for homeowners 62 and older
Caliber Mortgage Conventional, Jumbo, VA, FHA, USDA  Special loan programs for self-employed, bad credit, and investors 
Citi Mortgage Conventional, Jumbo, VA, FHA  Full-service banking products for customers 
Primary Residential Mortgage Conventional, Jumbo, VA, FHA, USDA  Offers renovation, investment property, and construction loans 

Final Verdict

Finance of America Mortgage offers loan products that meet the needs of almost every type of borrower. Whether you're looking for a conventional mortgage, a government-backed loan, or a mortgage for your investment property, it has you covered.

However, Finance of America has discontinued its residential forward mortgage operations and hasn't accepted new applications since October 2022. Those who currently have a loan in process can contact the transition team for assistance at If you're looking for a new mortgage loan, you can check out our list of the best mortgage lenders.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of mortgage lenders. We rated 45 mortgage lenders and collected nearly 1,500 data points, including information about the following:

  • Quality of service (customer experience, online applications, benefits/grants, etc.)
  • Operational features (state licensing coverage, number of loan officers, etc.)
  • Loan types offered (fixed-rate, FHA, USDA, etc.)
  • Accessibility (days to closing, minimum debt-to-income ratio, etc.)

We also conducted a survey of 1,195 mortgage borrowers to learn about the most important features from a customer perspective and how satisfied customers are with various lenders. Mortgage lenders were rated objectively in the categories above to help readers make informed decisions about home loans.

Read more in our full mortgage lender review methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Finance of America Mortgage. "National Reach." 

  2. Zillow. "Finance of America Mortgage LLC."

  3. Finance of America Mortgage. "Finding the Right Loan." 

  4. Finance of America Mortgage. "Jumbo Loan." 

  5. Finance of America Mortgage. "FHA Loan." 

  6. Finance of America Mortgage. "VA Loan." 

  7. Finance of America Mortgage. "USDA Loan." 

  8. Finance of America Mortgage. "Reverse Mortgage." 

  9. Finance of America Mortgage. "Renovation Loan." 

  10. Finance of America Mortgage. "Fix & Flip Loan." 

  11. Finance of America Mortgage. "Single Rental Loan." 

  12. Finance of America Mortgage. "HELOC."