First-Time Homebuyers
We're Here to Open the Door
If you’re a first-time home buyer with low-to-moderate income or little to no credit history, we want to help you get in the door! Explore our Home Possible, HomeReady, and Affordable Housing Grant programs to see if we can work together to put your dream home within reach.
Affordable Housing Grants
Up to $12,500 of grant funds available to first-time homebuyers and up to $15,000 of grants available for Community Partners such as educators, first responders, veterans, and healthcare workers towards your down payment and/or closing costs.
Eligibility requirements apply and grants are available on a first come first serve basis. Learn more about Freedom’s affordable housing grants.
Home Possible
Freedom offers the Home Possible mortgage loan for first time homebuyers with low-to-moderate income. The Home Possible program allows for:
- New home purchases and rate and term refinances, with reduced mortgage insurance
- Flexible sources of funds for down payments
- Flexible closing cost options
HomeReady
The HomeReady program is great for first time homebuyers and borrowers with little or no credit history, offering solutions to some of the most common obstacles home buyers face:
- Options to help minimize or alternatively document cash for down payment and closing costs.
- More flexibility when qualifying for the minimum payment using your income
- Lower minimum credit score requirements than most mortgage programs
What our members are saying
I have loved this credit union and the people working for it, for many years. This is an excellent credit union, and I have referred many people to you. I have financed my mortgage, cars, second mortgage, credit card, and refinanced my home with you. I never, ever had any problems. The tellers, and everyone I have contact with, are friendly, knowledgeable, and efficient. Thank you very much.
Rates
Mortgage Loan Rates
|
Term |
Rate |
APR |
|---|---|---|
| Contact our Mortgage Team | ||
|
Rates effective October 07, 2024 1APR=Annual Percentage Rate. Actual rates may vary and will depend on various factors including loan product, loan size, points paid, credit profile, property value, loan to value (LTV), geographic location, occupancy, and other factors. Loan approval, actual interest rate, and down payment required based on creditworthiness, amount financed, and ability to repay. The APR and payment are not subject to increase after loan consummation. Quoted rates assume a credit score of 740. 2The information provided assumes the purpose of the loan is to purchase a property to be used as a primary residence, within Harford or Baltimore Counties, with an estimated property value of $250,000 and with a loan of $200,000. Credit is secured by a first lien on dwelling. The rate lock period is 45 days. Rates included assume a conventional mortgage product as listed above. Loan payment example: A fixed-rate [80% Loan-to-Value (LTV)] loan of $200,000 for 30 years at 3.000% will have a combined principal and interest monthly payment of $843.21. Payments do not include amounts for taxes and insurance premiums; therefore, the actual payment obligation will be greater. 3Rates, terms, and conditions are subject to change without prior notification. Rates are not guaranteed until an application has been received and approved. Speak with a representative regarding closing costs and consult a tax adviser for further information regarding the deductibility of interest and charges. Membership eligibility and other restrictions may apply. Contact a Freedom representative for more information at 1-800-440-4120. Equal Housing Lender |
||
|
Term 30 years |
Rate 6.000% |
APR 6.230% |
|
Term 20 years |
Rate 5.750% |
APR 6.060% |
|
Term 15 years |
Rate 5.500% |
APR 5.880% |
|
Term 10 years |
Rate 5.250% |
APR 5.790% |
Memories Begin at Home
$500 OFF SPECIAL
Let Freedom open the door to your next home with $500 off processing fees and one great rate for all!
*A $500 Processing Fee discount will be applied at the time of loan settlement as a credit against the normal Processing Fee for a purchase of a primary or secondary residence. This is a discount on new home loans, and not a cash dispersal or reimbursement for an amount already paid. This offer is a temporary promotion and may be withdrawn at any time by the lender. This promotion does not guarantee loan approval or funding. All normal loan approval criteria must be met to qualify for this promotional discount. Membership eligibility applies.
Our Expert
How can you lower your mortgage payment or use your home’s equity to pay off debt? Is it a good time to be in the market? Hear more from our mortgage expert, Mike Ostrowski, seen here on Midday Maryland talking about the basics of mortgages, refinancing, and HELOCs.
Contact Us
Disclosures
1 Rates are subject to change without notice, and may vary according to credit history. Rates and terms may be different as determined by collateral and individual credit worthiness.
2 Freedom will pay closing costs up to a maximum of $1,000.
3 Flexible term lengths include 5, 7, 10, 15 and 20 years. Restrictions may apply.
4 APR = Annual Percentage Rate. Discount available with e-Statement enrollment and automated payments on select loan types.
5 The interest of the portion of credit extension greater than the fair market value of the dwelling is not tax deductible. Consult your tax advisor for further information regarding the deductibility of interest and charges.
* Consult your tax advisor. Borrower will be responsible for third party fees, such as: appraisal, tax and flood tracking, title insurance, and settlement service. Consult your tax advisor about tax deductions and your tax liability. Adequate homeowner’s insurance coverage is a requirement for this loan.
** APR=Annual Percentage Rate. Rate, terms, and conditions are subject to change without prior notification. Actual rate may vary based on the term, loan amount, your credit history, and other factors. Home Equity Line of Credit – 180 months APR 8.00% at $ 9.57 per $1,000. Example loan amount $10,000 with an estimated monthly payment of $ 95.57. Home Equity Loan – 180 months APR 6.74% at $ 8.85 per $1,000. Example loan amount $10,000 with an estimated monthly payment of $ 88.48. Current prime rate is 8.00%. Rate is subject to change.