Finance of America Mortgage Review

About Finance of America Mortgage, LLC

Finance of America Mortgage, LLC

Finance of America Mortgage is a national, full service mortgage banker, offering a diverse portfolio of home loan products. Our parent company, The Blackstone Group, provides us with the resources to expand our product offering and develop new services for our customers and partners. Our knowledgeable and seasoned mortgage specialists are committed to delivering an innovative, high-touch, high-tech lending experience for consumers, brokers, and our industry partners across the country. At Finance of America Mortgage we do everything we can to put more knowledge, initiative, and power back into the borrower’s hands – where it belongs.

review breakdown

Interest Rates
Fees & Closing Cost
Customer Service

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What is Finance of America?

Finance of America Mortgage was founded in 1994 and is headquartered in Pennsylvania. There are more than 1,500 home advisors available nationwide who are prepared to help homebuyers, homeowners, investors and business owners.

The lender provides various loan products in addition to home loans, including commercial loans and student refinancing. In 2017, Finance of America Mortgage funded nearly $15 billion in home loans.

Working with Finance of America Mortgage

Finance of America Mortgage currently operates in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Physical branches are located in the following states:

  • Alabama
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Florida
  • Georgia
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • North Carolina
  • Nebraska
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oregon
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin

Finance of America Mortgage has mortgage advisors available to speak with borrowers in person, in addition to phone and email communication options. Homebuyers can use the online search tool to get contact information for their local branches and a list of advisors located at each. If they select Finance of America Mortgage as their mortgage lender, they can complete an application in person at their local branch or online. Those opting for the online application can complete a large portion of the process digitally, including uploading requested documentation, but it is unclear what documents can be signed and submitted using the online accounts.

Both conventional and government-backed loans are an option at this lender. Every applicant is subject to a review of their credit score by underwriting, regardless of the loan product they choose. Credit score requirements vary based on each of these products. For example, should a borrower apply for a new construction loan, a credit score of 620 is required. For the Two-X Apex loan, a minimum credit score of 680 is required. For buyers looking for more-flexible credit requirements due to their income and/or poor credit history, a government-backed loan, such as an FHA, USDA or VA loan, may be a more suitable option.

Finance of America Mortgage approves funding for single-family homes, multifamily homes, condominiums, townhomes, planned-unit developments (PUDs), manufactured homes and co-ops.

Finance of America Mortgage products





Home equity

Finance of America Mortgage special mortgage programs

Other than the Two-X Apex loan and Two-X Extend loan, the following programs are not available to borrowers in Alaska, North Dakota, South Dakota, Utah and Vermont.

Fix and flip loan: This loan is available to borrowers who wish to purchase and renovate a property.

Fix and flip exposure limit loan: This loan is available to borrowers who have at least two years of recent experience in purchasing and renovating properties.

Fix and flip line of credit: A line of credit that is extended to borrowers who wish to purchase and renovate a property.

Single rental loan: This loan is available to veteran landlords and first-time investors who wish to purchase a rental property between $75,000 and $1.5 million.

Portfolio rental loan: This loan is available to borrowers who have at least two years of experience with the owning and management of rental properties.

Two-X Apex loan: This loan is available to borrowers in all 50 states who wish to purchase a high-value home that ranges in price between $100,000 and 2.5 million.

Two-X Extend loan: This loan is a mix between a conventional mortgage and a fixed-rate second mortgage that is extended to borrowers who are looking to avoid taking out large loans, paying mortgage insurance or making high monthly payments.

The mortgage application process

  • How to apply: A Finance of America Mortgage application can be filled out in person at a local branch or done online. With either selection, you’ll need to provide personal and financial information to the lender and allow a credit report to be pulled and reviewed if you wish to get pre-qualified and/or preapproved. If you are getting preapproved and the address of the home you will purchase is unknown, you can simply select which state your home will be located to continue the application.
  • Disclosure process: Homebuyers who have pre-qualified for a home loan can move forward with preapproval. With the help of their mortgage advisor, they will need to prepare documents and submit them to the lender, which they may do by uploading them via the website if they have created an account online. A review of their credit and income can get them preapproved and ready to start their search for a home.
  • Submitting loan for approval: Once the buyer has found a home and signed a contract with the seller, they can send it in to Finance of America Mortgage. They will then meet with their mortgage advisor to complete the mortgage application and sign disclosures and an intent to proceed. Processors will then review these documents.
  • Final approval: Homebuyers must order title insurance, and an optional home inspection can be completed. A required appraisal will be ordered by the lender. The underwriter performs a final review within 72 hours to conditionally approve the loan. Final approval comes when closing conditions are met by the buyer and seller.
  • Closing: Buyers will be sent a closing disclosure at least three days prior to the date of closing. The day before signing, loan documents are sent to a title company that will be responsible for drawing up the final paperwork that is to be signed by the buyer and the seller. At closing, all parties can sign the necessary paperwork and pay closing costs. After the title company puts in a request for funding and recording from Finance of America Mortgage, the buyer will officially own the home.


Communication during the process

Homebuyers will communicate with a Finance of America Mortgage advisor throughout the loan process. Initial contact with the advisor can be made by visiting a local branch, calling or emailing an advisor directly or calling customer service. The search tool on the lender’s website allows borrowers to view a list of advisors, their phone numbers and email addresses. This leaves them the option to contact the advisor of their choice by phone or email, but they can also fill out the available contact form.

Pros and cons of a Finance of America Mortgage


  • Loan applications can be completed online, including the uploading of necessary documentation.
  • Borrowers who opt for a USDA or VA loan will not be charged a prepayment fee if they choose to pay off their loan early.
  • Special mortgage products offer options for borrowers with unique needs, such as purchasing and renovation, rental property investments and purchasing of high-value homes.
  • Calculators are available on the website for potential borrowers who are interested in gathering more information about purchasing, refinancing and mortgage affordability.
  • A variety of mortgage products allows homebuyers to find a loan that is ideal for their needs.
  • Foreign nationals can be approved for some Finance of America Mortgage mortgage loans.



  • Although Finance of America Mortgage operates in all 50 states, physical branches are not located in every state.
  • The Fix & Flip loan, which may appeal to buyers who wish to purchase and renovate a property, is not available in all states.
  • The website lacks detailed information about fees the lender may charge borrowers, such as an application or origination fee.
  • The online application is not available to those interested in purchasing a home in the state of New York.
  • Unlike some lenders, Finance of America Mortgage does not set up escrow accounts, which are used to pay property taxes and insurance, for borrowers.
  • Foreign nationals who apply for a mortgage loan may face obstacles due to various restrictions on certain loan types.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.