Freedom Mortgage Review

Ashlyn Jackson

In a Nutshell

VA Mortgage loans are the ideal choice for veterans wanting to buy a residential home to live in. VA loans were designed for those who served as a better, more affordable, alternative to traditional mortgage loan options. While there are some eligibility requirements, customers that qualify will find a much more attractive option with Freedom Mortgage VA loans.

pros

  • No down payment
  • No minimum credit scores
  • Competitively low interest rates

cons

  • Cannot be used on vacation, or investment property
  • No online application available
  • Additional funding fees added

Freedom Mortgage VA Loan at a glance

Direct lender or marketplace?
Direct Lender
Loan types
Purchase, Refinance, Cash Out
Featured Loan
VA
Repayment Terms
Up to 30 years
Minimum Down Payment
$0
Minimum Credit Score
None
Best for:
Active duty military families or surviving spouses of veterans

Overview

VA home loans are backed by the US Federal Government and were created to provide Veterans and Active Duty Military with a more affordable home buying option. Featuring no down payment, competitively low interest rates and no maximum loan limits on home price. 

Best For?

The VA loan option isn’t for everyone and it’s not available for everyone either. The Federal Government offers the VA loan benefits to eligible veterans and active duty military. Service requirements for veterans and service members on active duty can be found here. Service Requirements for National Guard and Reserve members can be found here. The bottom line, if you or your spouse does qualify this opportunity on a home loan it beats any other offer you would find on a conventional loan. See below for a summary of eligibility requirements.

Types of Loans/Products

Freedom Mortgage makes home buying both simple and affordable with their VA loan option. The most alluring home option, VA loans, include a wide array of benefits for home buyers. Whether it’s your first home or you’ve decided to upgrade, Freedom Mortgage VA loan can help. It includes no down payment and competitively low interest rates which can save buyers thousands now and throughout the term of the home loan. Another great factor of VA loans is the added luxury of being able to reuse the loan option. This means it doesn’t matter if you just started thinking about a starter home or are moving into your dream house you can utilize all of the VA benefits Freedom Mortgage has to offer over again. Even if you’ve already used them once before.

The Application Process

Freedom mortgage conducts a traditional application with home buyers that begins with a phone call to their support staff or a visit to one of their branches. The number is 877-220-5533 and the address listed for their corporate office is 907 Pleasant Valley Avenue Mt. Laurel, NJ 08054 United States. Once you begin your application you will be given a 10 digit code. After you receive your code you can sign up for an online account. Here you can check on the process of your loan and view your documents. 

The loan process is broken down into 5 simple steps:

  1. Determine Eligibility
  2. Get Pre Approved
  3. Choose your home
  4. Get a Home Inspection
  5. Close and Move in 

Rates and Fees– The Bare Basics 

When it comes to Freedom Mortgage VA loans you won't find many more that can match the superb rates and fees. Beginning with the 0% down payment there’s also a longstanding history of VA loans having the lowest interest rates you can find for a home loan. In addition, you need no private mortgage insurance and there's no minimum credit score to qualify. While most lenders suggest a minimum 620, Freedom Mortgage offers adjusted VA options for those with lower credit scores, bankruptcy or foreclosure. 

Repayment Terms

Freedom Mortgage offers flexible loan terms ranging up to 30 years. 

Help & Support

Customers can reach a support staff at (855) 690-5900 Monday-Friday 8am to 10pm EST and Saturday 9am to 6pm EST. Their corporate office is located at 907 Pleasant Valley Avenue Mt. Laurel, NJ 08054 United States. Freedom Mortgage shows an emphasis on support when it comes to its customers financial difficulties. If a customer is experiencing financial hardship they can find assistance on their website here

Summary

Freedom Mortgage has an ideal offer for eligible veterans and active duty military, whether they are first time home buyers or looking to upgrade to a new home. With 0% Down payments and no private mortgage insurance required it’s hard to find a more affordable option. This coupled with no minimum credit score and historically low interest rates proves to be an attractive offer for any customer. 

FAQ

  • Is Anyone Eligible For a VA Loan? There are certain eligibility requirements that must be met to take advantage of the VA loan option. You can find these requirements here. 
  • Are My Closing Costs Covered? Freedom Mortgage states that they will cover the down payment, however the closing costs will be left to the homebuyer to cover. 
  • How Can I get The Lowest Possible Interest Rate Available? A homebuyer’s interest rate is calculated based on a range of dependents. This includes your financing amount, your credit history, DTI ratio and credit score. Speaking with a Freedom Mortgage lender can help you better understand your interest calculation. 
  • Are There Any Exceptions To VA Loan Eligibility? While this loan option does have strict eligibility requirements there are some exceptions depending on hardship and other challenges. See here for more information regarding gaining a certificate of eligibility.

Physical Address

907 Pleasant Valley Avenue Mt. Laurel, NJ 08054 United States.

Ashlyn is a fervent financial writer and civil engineer. She's on a mission to show others how to save and spend smarter through budgeting and purposeful money habits. She is also a proud Texas A&M Aggie currently pursuing her MBA and enjoys spending time with her friends every chance she gets. She also manages the blog dearyoungprofessional.com that focuses (among others) on personal finance.

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