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Freedom Mortgage Review: Multiple Loan Options, but In-Person Service Required

Review Updated
Christy Bieber
By: Christy Bieber
Christy Bieber
Christy Bieber
Writer

Christy Bieber is a full-time personal finance and legal writer with more than a decade of experience. She has a JD from UCLA as well as a degree in English, Media and Communications with a Certificate in Business Management from the University of Rochester. In addition to writing for The Ascent and The Motley Fool, her work has also been featured regularly on MSN Money, CNBC, and USA Today. She also ghost writes textbooks, serves as a subject matter expert for online course design, and is a former college instructor.

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Our Mortgages Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Freedom Mortgage provides many loan options catering to borrowers with differing financial circumstances. There are even options, including government-guaranteed loans, for home buyers with low or no down payments and low credit scores. But there's no online application process or online rate quotes available, so you'll need to talk with a loan officer if you want to borrow with Freedom.

Check out our Freedom Mortgage review to learn more.

Ratings Methodology
Freedom Mortgage

Freedom Mortgage

Rating image, 3.5 out of 5 stars.
3.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

Freedom Mortgage offers a wide array of offerings, but its standout perks are its government loan programs. The downside is the lender doesn't have an online application process.

Min. Credit Score

  • 600

Min. Down Payment 0% for VA and USDA loans, 3% for conventional loans, 3.5% for FHA loans

  • 0% - 3.5%

Key Features

  • Loans available for bad credit
  • Government loan programs
  • Local offices nationwide

Loan Types

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo

Top Mortgage Lenders

It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side by side so you can see how they each stack up against their competition:

Lender Min. Down Payment Credit Score Next Steps
  • 3%
  • 580
Circle with letter I in it. 580 FHA 620 Conventional 680 Jumbo
Apply Now for Better
  • 0% - 3%
Circle with letter I in it. 0%-3.5% (FHA & VA loans) 3% (conventional loans)
  • 580 - 680
Circle with letter I in it. 580 FHA 620 other mortgage products
Apply Now for Rocket Mortgage®

Full Freedom Mortgage review

This mortgage lender is a good fit for: Borrowers looking for a government-guaranteed mortgage who don't mind having to work with a loan officer every step of the way.

Pros

  • Loans for borrowers with low credit scores
  • Low down payment options
  • Self-proclaimed No. 1 VA and FHA lender in the country
  • Loans available in all 50 states

Cons

  • No online pre-approval
  • No mortgage rate quotes or rate information available online
  • Loan application process requires a loan officer

Top perks

Multiple loan options available, including for bad-credit borrowers

Freedom offers not only conventional loans, but also FHA loans, VA loans, and USDA loans. These government-backed loans have more flexible qualifying requirements, including lower minimum down payments. Neither USDA nor VA loans require any down payment at all. Borrowers with low credit scores or minimal credit history are also eligible for these types of loans. As such, you don't necessarily need perfect financial credentials to qualify for a Freedom mortgage.

Freedom is an expert in government-guaranteed loans

Freedom advertises itself as the No. 1 VA and FHA lender in the country. Although it's not clear what metric was used, the lender does want to help borrowers get approved for government-backed loans.

Not all lenders are willing to work with these loans, never mind specialize in them. The fact that Freedom bills itself as an expert could streamline the approval process.

Local offices nationwide mean you'll have plenty of in-person support

Freedom offers loans in all 50 states and has a wide network of loan officers throughout the country. You can easily get the in-person support that you need. Help is available to understand your mortgage options, secure pre-approval, or complete the application process. This is in stark contrast to many other lenders that have transitioned to largely online pre-approval and application processes with minimal support.

What could be improved

Freedom could give more information about its rates

Freedom doesn't have any details about its loan interest rates online. You can't get a personalized rate quote without contacting a loan officer. You'll need rates to input into a mortgage calculator to understand your payment options. As such, you'll have no idea up front what a loan from Freedom would cost.

Many would-be borrowers want to know if a lender's rates are competitive before they reach out.

Freedom could provide an online pre-approval option

While it's nice to have the ability to get in-person help if you want it, many borrowers would prefer to have the option to get pre-approved for a mortgage online. As such, Freedom isn't the best fit for those who would rather get the process started without talking to a loan officer.

Freedom charges loan origination fees

Freedom charges a fee to originate your loan. Some lenders don't assess this upfront cost. Depending on the loan type and rate, it may be more affordable to secure a loan without origination fees.

How to qualify

Loan requirements from Freedom Mortgage vary depending on whether you're interested in a conventional loan, a jumbo loan, or one backed by the government.

Many borrowers find it easier to secure an FHA, VA, or USDA loan due to minimal or no down payment requirements and low credit score requirements. Beware, though, that these loans can come with fees. For example, you'll have to pay mortgage insurance for FHA loans (sometimes for the life of the loan) or a funding fee for a VA mortgage.

If your credit score is less than stellar, Freedom might not be the best fit. Freedom Mortgage recommends you have a higher score than the minimum required. For example, the minimum credit score for an FHA loan is 500 (with a 10% down payment), but Freedom indicates a score of 600 is preferable. While you may be able to get approved with a lower score, it could be more of a challenge.

You'll also need to work with a loan officer to get pre-approved and won't be able to find out if you qualify online. This is the main downside of working with Freedom Mortgage.

Freedom's specific credit score and down payment requirements for its loans are outlined below:

Freedom Mortgage Credit Score Required Minimum Down Payment
Conventional Loan 620 3%
Jumbo Loan 700 (may vary) 10%
VA Loan 600 None
FHA Loan 600 3.5%
USDA Loan 640 None
Source: freedommortgage.com

How are Freedom Mortgage's refinance rates?

Freedom's website offers a mortgage refinance calculator so you can input various scenarios to see what your refinance payments might be, but it does not disclose rates on its website. To find out what mortgage refinance rate you qualify for, you would need to call the lender to speak with a loan advisor. It's worth mentioning, however, that if you find Freedom Mortgage offers a competitive personalized rate, it does offer cash-out refinance loans in addition to traditional refinances.

How are Freedom Mortgage's rates compared to the national average?

Freedom Mortgage does not disclose much information about its rates, so it's difficult to make an accurate assessment of how they compare to the national average. You can't get a rate quote from Freedom Mortgage unless you work directly with a mortgage officer.

However, because Freedom focuses on VA and FHA loans, which are backed by the government, it provides options for borrowers with imperfect credit to borrow at affordable rates.

Freedom Mortgage is right for you if:

If you're in the market for an FHA, VA, or USDA loan, Freedom Mortgage is a good choice. The lender's extensive experience with these types of loans can help you navigate the process quickly and efficiently. You'll need to work with a loan officer since online rate quotes and preapproval aren't an option.

FAQs

  • Freedom Mortgage doesn't provide much clarity about its rates. In fact, comparing the lender's interest costs with the national average is difficult because it doesn't disclose its rates online.

    However, borrowers with low credit scores or imperfect financial credentials will likely find Freedom Mortgage to offer competitive rates. That's because the lender focuses on VA and FHA Loans. These government-backed loan options offer affordable borrowing options even to borrowers who don't have a perfect financial history.

  • Freedom Mortgage is a good choice for a mortgage if you are interested in an FHA or VA loan. In fact, it's one of the top lenders in the country for these types of mortgages. Freedom also offers a choice of other loan options as well. However, because you cannot complete the entire application process digitally, this lender is a good choice for you only if you're OK working with a loan originator directly.

    Before you determine Freedom Mortgage is the right lender for you, shop around and compare rates from multiple online, local, and national loan providers. That's because your unique credit profile and financial situation will determine which lender offers you the best loan terms.

  • Freedom Mortgage provides the opportunity to complete a traditional refinance loan as well as a cash-out refinance loan. It can be a good choice for refinancing if you don't mind applying for a loan with a mortgage broker instead of completing the process online.

    However, be sure to compare all of your loan options as the best choice for you will be determined by which lender offers you the most competitive rates given your financial background.

  • To qualify for Freedom Mortgage, call a loan officer or submit an online request for information.

    You will need to provide financial documentation to Freedom Mortgage to determine if you can be approved for a loan. Because Freedom Mortgage focuses on FHA and VA loans, the qualifying requirements will be less stringent than with many lenders. You may be able to get a loan even with imperfect credit, a loan down payment, or a high debt-to-income ratio.

  • Freedom Mortgage offers:

    • Conventional loans
    • Jumbo loans
    • VA loans
    • USDA loans
    • FHA loans
    • Refinance loans
    • Cash-out refinance loans