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COVID-19 Info Center

March 30, 2020 Blog No Comments

Freedom Mortgage COVID-19 Info Center

COVID-19 Reference Guide
Updated July 1, 2021

1. Agency (FHA, VA, USDA, FHLMC and FNMA) Guidance
For Broker/Tabled Funded and Wholesale Correspondent Loans unless otherwise noted. 

Reminder: Updated Freedom Mortgage Credit Score Guidance

Effective with new loans locked on or after June 21, 2021

Credit score requirements applicable for each borrower on both Standard and Jumbo transactions.

  • FHA Fixed and Adjustable Rate: For Purchases, Cash-Out Refinances and Non-Freedom-to-Freedom Rate Term & Simple Refinances - Minimum score reduced to 580- (previously 600).
  • FHA Streamline: For non-Freedom-to-Freedom transactions, both Credit and Non-Credit Qualifying - Minimum score reduced to 580 - (previously 600).
  • VA Fixed and Adjustable Rate: Minimum credit score reduced to 580- (previously 600)
  • VA IRRRL: For non-Freedom-to-Freedom transactions, minimum credit score reduced to 580 - (previously 600).

​New! FICO-Based LLPA Enhancements
Effective June 21, 2021 for VA & FHA Conforming/Jumbo Purchases & Refinances

Reminder: Updated Freedom Mortgage Guidance

Effective June 11, 2021

  • Verbal Verification of Employment (VVOE) – Self-Employed: Freedom Mortgage must verify that the borrower’s business is operating by conducting Verbal VOE at final approval and again no more than twenty (20) business days prior to Note date for all loan types. (previously 10 business days)
  • Self-Employed Income Used for Qualification (FHA, VA, and USDA): In order to use full self-employed income, an unaudited year-to-date profit and loss statement signed by the borrower reporting business revenue, expenses, and net income up to and including the most recent month preceding the loan application date, AND three (3) business depository account(s) statements no older than the latest two months represented on the year-to-date profit and loss statement. (previously Borrower must provide evidence of 6 months PITI reserves from borrower’s own funds)
  • Second Home/Investment Home – Additional Reserves: Additional reserves only required if the subject property is a Second Home/Investment Home.

Updated VA Guidance Additional Overlays rescinded effective June 11, 2021

  • Rental Income – Additional Reserves: The Additional Reserve Requirements have been discontinued as noted in the bulletin linked below.
  • Mortgage History: The overlay which applied to all cash-out refinances, second home properties and investment properties has been discontinued.

Click here to review all COVID-related Freedom Mortgage Conventional Guideline Requirements
Updated March 18, 2021

Click here to review a detailed printable summary of new changes
Updated July 1, 2021

Credit Policy Announcement 20-07: Coronavirus Pandemic - Guidance

Updated July 1, 2021


2. Lock Policy Updates


Helping You Protect Your Purchase Borrower!

Effective June 14, 2021 for New or Existing Locks (within original lock term)


New Purchase Lock Extension Policy

​Click here to view full lock policy details

  • Freedom Mortgage is committed to providing you with the solutions you need to compete in the competitive purchase market.  The following expansion of our purchase lock extension policy will provide you with significant flexibility – two 5-day no cost extensions may be granted! 

  • A 5-day free lock extension is available for purchase transactions regardless of market price (up to two 5-day no cost extensions may be granted).
  • A third extension is available for a maximum of 15 days at a cost of 4 bps per day. 
  • Jumbo loans (Investor Products) are not eligible.


3. Approved Title Insurance Companies




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