Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.
No logo available
These user reviews are individual, subjective opinions of reviewers, and not those of Bankrate. We do not endorse the accuracy or relevancy of the information and opinions expressed by any reviewers or any responses to user reviews.
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
Freedom Mortgage is a privately held lender that is based in Mount Laurel, N.J., and founded in 1990. Freedom Mortgage was ordered by the Department of Justice to pay a $113 million fine in 2016 to “resolve allegations that it violated the False Claims Act by knowingly originating and underwriting single family mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet applicable requirements for the FHA insurance program.”
Mortgages are available in all 50 states, the District of Columbia, Puerto Rico and the Virgin Islands.
Minimum credit score
620 for conventional and VA loans, 580 for FHA loans, N/A for jumbo loans
Conventional, fixed, adjustable-rate mortgages (ARMs), FHA, VA, USDA, jumbo mortgages
Loan options include fixed-rate, VA, FHA, USDA and jumbo mortgages
Mortgage refinancing options, including rate-and-term refinancing and cash-out refinancing.
First-time homebuyer programs are available (conventional, FHA and VA)
93 brick-and-mortar locations
Home equity lines of credit (HELOCs) and renovation lending available
No online application available to borrowers
Online information about loan costs is limited
Home equity loansaren’t available
Find your mortgage match
Get paired with your best mortgage offers in 2 minutes or less.
Refinancing loans, including rate-and-term refinancing and cash-out refinancing
Freedom Mortgage fees vary by loan type. Their origination fees also vary, according to a Freedom Mortgage spokesperson.
Minimum borrower requirements
Freedom Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Depending on the loan, a minimum down payment of 3 percent to 5 percent is required, according to a spokesperson.
For jumbo loans, the minimum down payment is 10 percent.
For FHA and VA loans, requirements are set by the government. You can find them here:
Borrowers can apply by phone. There are 93 brick-and-mortar locations where borrowers can apply in-person. Once the required application documents are received, a loan officer will contact you to review your application and discuss the next steps.