To qualify for a Freedom Mortgage loan, borrowers typically need to meet the following general requirements:
Good Credit. A strong credit score and credit history are important factors in qualifying for a mortgage loan with favorable terms. Typically, borrowers will need a credit score of at least 620 or higher to qualify for a conventional mortgage loan, although other factors such as income and down payment can also play a role.
Adequate Income. Borrowers will need to have a steady source of income to demonstrate that they can afford the monthly mortgage payments. Generally, lenders prefer that a borrower's monthly mortgage payment, including taxes and insurance, does not exceed 28% to 36% of their gross monthly income.
Down Payment. Depending on the loan program and borrower qualifications, a down payment of at least 3% to 20% of the home's purchase price may be required. Some loan programs, such as VA loans and USDA loans, do not require a down payment.
Property Requirements. The property being purchased must meet certain requirements, such as being a primary residence or meeting minimum property standards for safety and livability.
Other Factors: Other factors, such as debt-to-income ratio, employment history, and reserves, may also be considered in the loan qualification process.
It's important to note that specific requirements may vary depending on the loan program and individual borrower qualifications. Borrowers can contact Freedom Mortgage directly or speak with a mortgage loan officer to learn more about their specific loan options and qualification requirements.