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Conventional: 620
FHA: 540
VA: 580
USDA: 640
Minimum credit score
3%
Minimum down payment (Conventional)
Available in all states
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | Conventional: 620 FHA: 540 VA: 580 USDA: 640 |
Minimum down payment (Conventional) | 3% |
State availability | Available in all states |
NMLS # | 2767 |
Freedom Mortgage is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.
If you’re a first-time homebuyer or veteran looking for a government-backed loan with more lenient lending requirements than a conventional loan, Freedom Mortgage might be a good choice.
As one of the top VA lenders in the US, Freedom Mortgage has experience with government-backed mortgage options and can break down the benefits and help you qualify with customized solutions.
However, while many customer reviews online are positive, the company has garnered thousands of complaints, with some borrowers mentioning losing money and facing financial hardship after dealing with the company.
Because of these mixed reviews and the fact that you must feel comfortable with your chosen loan officer, we suggest calling to make sure the company is a good fit. And as always, compare at least three to four other lenders to get the best deal.
To find out if you’re eligible for a Freedom Mortgage home loan, visit the company’s website. Basic eligibility for a mortgage loan includes:
Here’s a list of the documents you’ll need to apply for a home loan from Freedom Mortgage.
Self-employed borrowers will need to provide:
Freedom Mortgage doesn’t publish its costs and fees on its website, but you can expect closing costs to run between 2% and 5% of your home’s purchase price. Closing costs may include the following:
To get started:
Alternatively, you can call 877-220-5533 to connect with a loan officer over the phone.
Freedom Mortgage also offers these specialized types of mortgages.
As of July 2022, Freedom Mortgage has a 4.85 out of 5 rating on Zillow from 1855 customers, who report being thrilled about the helpful and supportive service of their loan officers. Freedom Mortgage has been accredited with the Better Business Bureau (BBB) since 2001 and has an A+ business rating, a 3.83 out of 5 customer rating from 2,625 customers and 1,289 complaints closed over the past three years.
While many customer reviews online are positive, there are hundreds of negative reviews and complaints on the BBB website. Many customers report communication problems and broken promises resulting in loss of money and other nightmarish situations that caused extreme personal and financial distress for borrowers.
And in June 2019, the Consumer Financial Protection Bureau (CFPB) found that Freedom reported inaccurate race, ethnicity and gender information. Under the terms of the order with the CFPB, Freedom Mortgage must pay a civil penalty of $1.75 million and take steps to improve its compliance.
Founded in 1990 and headquartered in Mount Laurel, New Jersey, Freedom Mortgage Corporation is a full-service lender that helps borrowers in all 50 states with purchase and refinance loans. The company is one of the top originators of VA and FHA loans in the US and offers a range of conventional and government-backed loans, including multiple VA purchase and refinance options. In 2019, Freedom Mortgage acquired J.G. Wentworth Home Lending, adding an additional 570 employees and 35 offices nationwide.
Freedom Mortgage offers a standard range of home loan options, including reduced paperwork refinancing options for FHA and VA loans. But unlike other lenders, the company doesn’t offer an online application and response times have been known to be slow.
If you’re looking to get a faster preapproval decision on your application or to get a letter to make offers on homes right away, a digital lender might be a better choice. Better, Beeline and Rocket Mortgage are 100% digital lenders known for their streamlined online applications that give you a decision in minutes, not days.
We recommend comparing lenders and lender marketplaces to find the best home loan for your needs. By taking the time to shop around and compare quotes, you could save thousands on interest rates and fees.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
Freedom Mortgage is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.
2 Comments
March 2, 2018
How long does the process of buying a home take if you have the home picked out?
March 2, 2018
Hi Brittney,
Thanks for reaching out to the Finder team!
The average amount of time is takes from picking out your home to move-in day is typically 30-50 days. If you have the home you want to be picked out, the next step is to make an offer. Your offer is most likely to get accepted if you already have pre-approval for a mortgage, so the seller knows that you are able to pay for the home. You can get pre-approval for a home loan by comparing your options with our guide to mortgages.
If your offer is accepted, the next step is to secure your financing by moving forward with the home loan you’ve been pre-approved for. You may need to get an inspection on the home, and your lender and title company will help you with the escrow and closing process. Once your financing is in place and your various inspections are complete, you can arrange a closing date with your realtor. That’s when the deal truly becomes final!
We hope this information has been helpful and that you have everything you need.
Cheers!
Andy