Freedom offers several mortgage products to suit your needs. Its conventional mortgages typically require a minimum credit score of 620, a minimum down payment of 3% and a loan limit of $647,200. MoneyGeek's Freedom mortgage review digs into the mortgages this company offers to help you decide if this lender is best for you.

At a Glance: Freedom Mortgages

  • Freedom

    • Conventional loans: A minimum of 3% USDA loans: Usually none FHA loans: A minimum of 3.5% VA loans: Usually none Minimum Down Payment
    • Conventional, FHA, VA, USDA and refinancing loansLoan Products Offered
    • All 50 states, Washington, D.C. and Puerto Rico.States of Operation
    • Yes Online Application


Freedom Mortgage Loan Types, Details and Requirements

MoneyGeek's Freedom Mortgage loan review will assist you in understanding the company's mortgage products, application processes and any rates or fees that may apply.

Mortgage Types Offered

Freedom Mortgage offers the following loan products:

  • Conventional loans
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans

Freedom also provides mortgage refinancing, which allows customers to change the terms of their current loan for a new one. As part of Freedom's Cash Out Refinance program, you can take advantage of your home's equity by refinancing your current mortgage with a new, higher-amount mortgage. The difference between your old and new mortgage will be paid in full at closing. This refinance loan can be used to pay off your existing mortgage, with the surplus funds available at your discretion.

Mortgage Rates

On its website, Freedom advertises its mortgages with a minimum interest rate of 4%. Rates vary by loan type and are also influenced by location, loan term and credit score. Loans are available for fixed or adjustable interest rates. The easiest method to receive a tailored quote is to complete the prequalification form or call 1-855-690-5900 to talk with one of their loan specialists.

Additional Fees

According to MoneyGeek's research, Freedom's FHA, USDA, VA and conventional loans do not come with separate origination costs and application fees. However, Freedom charges other applicable fees, including lender fees and origination fees. Further information is readily available on their website.

  • Closing costs: Freedom charges closing costs for all loan types, along with funding fees for VA loans and refinancing solutions. The range of the closing costs is between 2% and 5% for all conventional, VA and USDA loan types and between 3% and 4% for FHA loans. Closing costs generally include appraisal and lender fees.
  • Funding fee: The funding fee for VA loans can range between 1.4% and 2.3% for first-time homeowners and up to 3.6% for subsequent homebuyers.

In addition to these charges, Freedom's mortgages may incur additional costs, such as an underwriting fee, which are not listed on their website. You must speak with a loan officer to learn more about their applicable fees and charges.

Minimum Borrowing Requirements

The minimum borrowing criteria for Freedom loan products vary, including credit score and down payment.

Conventional Loans

Conventional loans from Freedom typically require a minimum credit score of 620 and a minimum down payment of 3%. The loans are accessible for the majority of home purchases, including primary homes and vacation properties. Beyond these factors, there are no other eligibility requirements for a Freedom conventional loan. However, individuals who make down payments of less than 20% are required to purchase mortgage insurance.

Conventional loans also have a $647,200 maximum cap as of 2022. Those in need of more can speak with Freedom's loan advisors about their possibilities of qualifying for jumbo loans, which have higher eligibility requirements regarding credit score and income. Jumbo loans also require higher down payments. Conventional loans also require the borrower to pay a closing cost of between 2% and 5%.

FHA Loans

FHA loans offered by Freedom are government-backed. These loans, available only for primary home purchases, demand a minimum credit score of 600 and a minimum down payment of 3.5%. There are no additional eligibility requirements for a Freedom FHA loan. Homebuyers with poorer credit scores are required to make a 10% down payment.

In addition, all FHA loans must have mortgage insurance. These loans also require the borrower to pay closing costs ranging from 3% to 4% of the home's value. Closing costs include lender fees, appraisal fees, title insurance, premiums for homeowners, mortgage insurance and property taxes.

VA Loans

Active-duty military personnel, veterans and surviving spouses who qualify for Freedom's VA loans can use this funding to purchase primary residences. To apply, they must have a minimum credit score of 600. The loans also demand funding costs of between 1.4% and 2.3% for first-time homebuyers and between 1.4% and 3.6% for all other borrowers. Certain veterans with disabilities and surviving spouses are excused from paying the funding fee.

FHA loans offered by Freedom also require a Certificate of Eligibility. In general, eligibility is contingent upon satisfying minimum active-duty standards or having been dismissed for a service-connected disability, the specifics of which can be found on Freedom’s VA loan eligibility page. Typically, you need to be discharged from the military honorably to qualify.

USDA Loans

Freedom's USDA loans are government-backed and meant for buyers from rural and suburban areas. To qualify for USDA loans, applicants must also meet Freedom's credit, income and financial requirements, including a minimum credit score of 640. The state and county where you wish to buy a property, the number of people in your family and other factors determine the income restrictions for homebuyers.

You must also pay an upfront guarantee fee of 1% and an annual guarantee fee of 0.35% of the average annual unpaid principal balance for Freedom's USDA loans. In addition, borrowers must pay a closing fee of between 2% and 5% of the loan amount.

Mortgage Refinance

Freedom offers two types of refinancing options for its mortgage borrowers. Using its refinancing solution, borrowers can refinance their conventional, FHA, VA and USDA loans. Streamline refinances are only available for FHA, VA and conventional loans. Most refinancing solutions require you to have mortgage insurance, which Freedom details on its website.

A maximum loan-to-value ratio of 80% and a credit score of 620 are necessary for Freedom's Cash Out Refinance program for conventional loans. Mortgage insurance is required for those with home equity of 20% or less. VA loans with a maximum loan-to-value ratio of 90% and buyers with a minimum credit score of 550 are eligible for cash-out refinancing.

Refinancing of VA loans also comes with a funding fee of 2.3% to 3.6% of the loan amount. FHA cash out refinancing requires a maximum loan-to-value ratio of 80%, a minimum credit score of 550 and mortgage insurance.

Freedom Mortgage Application Requirements

Freedom mortgage loan applicants should prepare the following documents for a smooth and hassle-free process:


Personal particulars of the borrower, including name, date of birth and social security number.


Details of property like property address and the type of property.


Documents for income verification, like income tax return statements, recent pay statements and W-2 forms.


Details of monthly debt payments like car loans, student loans, credit card payments and other debts.


Any details regarding adverse credit or bankruptcy.


Documents for asset verification, such as investment account statements and bank statements.


Permission to pull credit information from credit agencies.

Is Freedom Right for You?

Buying a home is a significant investment, and not every mortgage lender may not be ideal for you. Before choosing a mortgage provider, consider your options carefully. Our review compares the types of homebuyers who may or may not be a good fit for their products and services.

Who Freedom Is Perfect for

Freedom is a good option if you have a credit score between 600 and 640 and experience trouble finding a mortgage lender. The lender's mortgages are available with as little as a 3% down payment, making them suitable for individuals seeking low down payments. Those eligible for VA and USDA loans can purchase homes with Freedom without a down payment.

The company is an excellent option for those who do not wish to visit a lender's office to inquire about mortgage products and obtain an estimate. The majority of the application process takes place online, so the lender is ideal for those who prefer streamlined procedures.

Who Should Not Choose Freedom

The majority of the application process occurs online, even though Freedom has a few physical locations. The lender does not fit homebuyers who may prefer physical locations from the start. A homebuyer planning to make a down payment of less than 20% on a conventional loan from Freedom and doesn't want mortgage insurance may want to look for a different lender. Those without a minimum credit score of 600 are also not eligible for Freedom’s mortgage.

How to Apply for a Freedom Mortgage Loan

The application process for each mortgage lender is unique. In this guide, MoneyGeek explains how to apply for a Freedom mortgage loan.



To determine if you are prequalified, you must provide your personal information, credit score, income and debt details, specifics about your assets and investments and permission to access your credit history. Freedom's prequalification process, which takes five minutes or less, helps you and the lender determine how much you can afford.

Prequalification should take place no more than six months before you start looking for a home. Note that prequalification is not synonymous with preapproval. Once you have been prequalified, you are free to begin your home search based on how much you can afford.


Fill Out Application Form

After your bid is accepted on a new home, you must formally apply for a mortgage loan. The prequalification process requires only information about your income, credit, debts, and assets, whereas the application process entails much more. In addition to providing the lender with these details, you must also submit evidence of your identity, income, assets, liabilities and bankruptcy or adverse credit. Depending on your specific situation, you may be required to provide other information.


Wait for Approval

Next, Freedom will evaluate your application by using mortgage underwriting. During this process, an underwriter examines your borrowing capacity. This includes verifying your identity, income, employment, credit, debt, assets and loan-to-value requirements. The underwriter will calculate your debt-to-income ratio, examine your tax returns and financial statements and scrutinize your credit reports to ensure you can afford and repay the loan on time.

Freedom will also send a home appraiser to determine the value of your future home to guarantee that the sale price is in line with comparable homes in the neighborhood. If all conditions are met during the underwriting process, your mortgage will be approved.


Schedule a Loan Closing Date

When your application is approved, you are expected to accept the offer by closing on your new home. Freedom borrowers may need to sign essential paperwork in person at the closing. Freedom's loan officer will contact you to set up a convenient closing date, time and location. They will tell you what to bring and what to do at the closing. You will also be informed of the costs associated with the closing.


Closing the Loan and Signing the Loan Agreement

During the closing of the loan, you will be asked to make the down payment as required and pay the associated closing costs. These costs differ depending on the type of loan. If you agree with all of the terms and conditions, fees and other formalities, you can sign the loan agreement.


Make Payments

After closing, you are required to make mortgage payments for the duration of the loan. You can view the specifics of your loan on paper statements or via the Freedom internet portal. To make online payments, you must register your loan with Freedom using your loan number and create an account.

What to Do if You Are Rejected by Freedom

Even if you are prequalified for a loan, Freedom Mortgage has the right to reject your mortgage application at any time. However disappointing it may be, understanding what went wrong can help you prepare yourself for your next mortgage application. Freedom's loan advisor might contact you if your application was rejected due to insufficient documentation.

Other than that, there are various reasons why a lender may make this choice. Perhaps your credit history is unsatisfactory or your debt-to-income ratio exceeds the permissible level. In this case, the best course of action is to contact the lender and request the particular reason(s) for the loan denial. You might also find out what choices you have right now.

You can also look for a lender with less stringent conditions than Freedom. However, if you don't know why you were turned down the first time, your second application may have the same consequence. If you've been initially rejected, find out why, and then take the steps necessary to improve your chances of being accepted.

Frequently Asked Questions About Mortgages From Freedom

MoneyGeek strives to provide facts to help homebuyers decide if Freedom is their ideal lender. The following list includes the most frequently asked questions regarding Freedom's mortgage products.