Question 1

What types of properties are eligible for Freedom mortgage loans?

Accepted Answer

Freedom’s mortgage products are available for primary, secondary or vacation homes and investment properties. The various types of homes include single-family homes, condos, townhouses, multi-family and mobile homes.

Question 2

Who can apply for a Freedom mortgage?

Accepted Answer

Anyone with a minimum credit score of 600 and the ability to make a minimum down payment of 3% can apply for a Freedom mortgage loan. However, other factors such as your income, debts and assets will influence loan approval.

Question 3

What types of mortgage loans does Freedom offer?

Accepted Answer

Freedom offers conventional loans, jumbo loans, FHA loans, VA loans and USDA loans. Besides, refinancing of mortgages is also available through the lender.

Question 4

Is there a borrowing limit for Freedom mortgages?

Accepted Answer

There are established borrowing limits for conventional mortgages and FHA loans. As of 2022, the conforming loan limit for conventional mortgages is $647,200 and the limit for FHA loans is $970,800. In low-cost areas, the maximum FHA loan amount is $420,680. Jumbo loans may be available for eligible borrowers with higher limits.

Question 5

What is the minimum down payment Freedom will accept?

Accepted Answer

A down payment is mandatory for Freedom’s conventional loans and FHA loans. Conventional loans need a minimum 3% down payment, while the minimum required down payment for FHA loans is 3.5%. The down payment for jumbo loans might vary according to the authorized loan size.

Question 6

Does Freedom require private mortgage insurance (PMI)?

Accepted Answer

Yes. As with the majority of mortgage loans, Freedom requires PMI if your conventional loan down payment is less than 20%. For FHA and USDA loans, mortgage insurance is required, regardless of the size of the down payment. VA loans do not need mortgage insurance.

Question 7

Does Freedom require a property appraisal?

Accepted Answer

Yes. When you are buying a house through Freedom, the lender generally sends an appraiser to determine the home's value and confirm that the sale price is in line with comparable homes in the region. An appraisal is required for a refinance, depending on the loan type's requirements.

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