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.
- Adjustable-rate mortgages (ARMs)
- Jumbo mortgages
- Renovation loans
- Rate-and-term refinancing
- Cash-out refinancing
- Home equity lines of credit (HELOCs)
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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