Freedom Mortgage Review 2021

By Ellen Chang

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.

At a glance

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Loans offered

Conventional, fixed, adjustable-rate mortgages (ARMs), FHA, VA, USDA, jumbo mortgages, renovation loans; refinancing options include rate-and-term refinancing and cash-out refinancing; home equity lines of credit (HELOCs)
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Nationwide availability

Available in all U.S. states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands
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Min. credit score required

620 for conventional loans; 620 for VA loans; 580 for FHA loans

Pros and cons


  • Loan options include fixed-rate, VA, FHA, USDA and jumbo mortgages
  • First-time homebuyer programs available (conventional, FHA and VA)
  • Approximately 100 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 loans aren’t available

Freedom Mortgage overview

Freedom Mortgage is a privately held lender based in Mount Laurel, New Jersey, and was founded in 1990. The lender offers a number of mortgage loan options. Borrowers can sign up for "Eagle Eye" alerts via text in order to be notified when interest rates become lower or better offers become available. Current customers may also be able to take advantage of Freedom Mortgage's "Purchase Promise," which includes rate-match and closing guarantees, as well as access to savings programs through affiliate partnerships. In addition, current customers can access interest rates through their account online. It is important to note that Freedom Mortgage paid 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,” according to the U.S. Department of Justice. Freedom Mortgage also paid a $1.75 million penalty in 2019 in a settlement pertaining to violations of the Home Mortgage Disclosure Act, according to the Consumer Financial Protection Bureau.

Loan types

  • Conventional
  • Fixed
  • Adjustable-rate mortgages (ARMs)
  • FHA
  • VA
  • USDA
  • Jumbo mortgages
  • Renovation loans
  • Rate-and-term refinancing
  • Cash-out refinancing
  • Home equity lines of credit (HELOCs)

Lender fees

Freedom Mortgage lender fees vary by loan type. The lender’s 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 Freedom Mortgage spokesperson.

For jumbo loans, the minimum down payment is 10 percent. Investment property loans generally require a down payment of 20 percent.

For FHA and VA loans, requirements are set by the government. You can find them here:

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