The Freedom Bank of Virginia Mortgage Lending & HMDA Data, 2023
In 2023, The Freedom Bank of Virginia of Fairfax, VA reported 286 mortgage applications totaling $170.7 million, down 33% from 2022. The average application was for $596,748, and applicants reported an average income of $211,730. 87% of its applications resulted in an originated loan and 9% were denied. Its largest markets were Washington-Arlington-Alexandria, DC-VA-MD-WV (215), Washington-Baltimore-Arlington, DC (11) and Baltimore-Columbia-Towson, MD (6) (applications in parentheses).
| Mortgage Company & Address | The Freedom Bank of Virginia 10555 Main Street Fairfax, VA 22030 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 |
| Total Number of Mortgage Applications | 286 |
| Total Mortgage Loan Application Amount | $170,670,000 |
| Average Mortgage Loan Application Amount | $596,748 |
| Highest Mortgage Loan Application Amount | $1,935,000 |
| Average Applicant Income | $211,730 |
| Highest Applicant Income | $1,272,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records The Freedom Bank of Virginia filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Fairfax, Virginia | 59 | $ 45,875,000 | $ 777,542 | $ 261,000 |
| Loudoun, Virginia | 45 | $ 32,425,000 | $ 720,555 | $ 235,000 |
| Prince William, Virginia | 38 | $ 18,530,000 | $ 487,631 | $ 143,000 |
| Stafford, Virginia | 14 | $ 6,900,000 | $ 492,857 | $ 179,000 |
| Montgomery, Maryland | 11 | $ 7,745,000 | $ 704,090 | $ 253,000 |
| Spotsylvania, Virginia | 11 | $ 5,795,000 | $ 526,818 | $ 179,000 |
| Arlington, Virginia | 10 | $ 9,270,000 | $ 927,000 | $ 252,000 |
| Alexandria, Virginia | 9 | $ 5,475,000 | $ 608,333 | $ 231,000 |
| Fauquier, Virginia | 8 | $ 5,610,000 | $ 701,250 | $ 310,000 |
| District of Columbia, District Of Columbia | 5 | $ 4,265,000 | $ 853,000 | $ 256,000 |
| Baltimore City, Maryland | 4 | $ 890,000 | $ 222,500 | $ 128,000 |
| Travis, Texas | 4 | $ 1,980,000 | $ 495,000 | $ 186,000 |
| Wake, North Carolina | 3 | $ 1,315,000 | $ 438,333 | $ 170,000 |
| Philadelphia, Pennsylvania | 3 | $ 535,000 | $ 178,333 | $ 161,000 |
| Fredericksburg, Virginia | 3 | $ 1,315,000 | $ 438,333 | $ 220,000 |
| Orange, Virginia | 3 | $ 1,015,000 | $ 338,333 | $ 97,000 |
| San Diego, California | 2 | $ 1,440,000 | $ 720,000 | $ 196,000 |
| Sussex, Delaware | 2 | $ 620,000 | $ 310,000 | $ 621,000 |
| Caroline, Virginia | 2 | $ 430,000 | $ 215,000 | $ 66,000 |
| Chesterfield, Virginia | 2 | $ 590,000 | $ 295,000 | $ 134,000 |
| Culpeper, Virginia | 2 | $ 1,200,000 | $ 600,000 | $ 132,000 |
| Essex, Virginia | 2 | $ 440,000 | $ 220,000 | $ 145,000 |
| Manassas, Virginia | 2 | $ 340,000 | $ 170,000 | $ 98,000 |
| Manassas Park, Virginia | 2 | $ 820,000 | $ 410,000 | $ 144,000 |
| Rappahannock, Virginia | 2 | $ 1,640,000 | $ 820,000 | $ 495,000 |
| Boulder, Colorado | 1 | $ 525,000 | $ 525,000 | $ 425,000 |
| New Haven, Connecticut | 1 | $ 565,000 | $ 565,000 | $ 227,000 |
| Collier, Florida | 1 | $ 105,000 | $ 105,000 | $ 248,000 |
| Hillsborough, Florida | 1 | $ 175,000 | $ 175,000 | $ 54,000 |
| Manatee, Florida | 1 | $ 415,000 | $ 415,000 | $ 148,000 |
| Santa Rosa, Florida | 1 | $ 375,000 | $ 375,000 | $ 124,000 |
| Floyd, Georgia | 1 | $ 485,000 | $ 485,000 | $ 105,000 |
| Anne Arundel, Maryland | 1 | $ 335,000 | $ 335,000 | $ 82,000 |
| Calvert, Maryland | 1 | $ 575,000 | $ 575,000 | $ 305,000 |
| Howard, Maryland | 1 | $ 1,415,000 | $ 1,415,000 | $ 440,000 |
| Prince George's, Maryland | 1 | $ 335,000 | $ 335,000 | $ 93,000 |
| Broome, New York | 1 | $ 115,000 | $ 115,000 | $ 29,000 |
| Alamance, North Carolina | 1 | $ 265,000 | $ 265,000 | $ 67,000 |
| Buncombe, North Carolina | 1 | $ 345,000 | $ 345,000 | $ 367,000 |
| Craven, North Carolina | 1 | $ 375,000 | $ 375,000 | $ 180,000 |
| Franklin, North Carolina | 1 | $ 335,000 | $ 335,000 | $ 49,000 |
| New Hanover, North Carolina | 1 | $ 255,000 | $ 255,000 | $ 947,000 |
| Onslow, North Carolina | 1 | $ 335,000 | $ 335,000 | $ 232,000 |
| Dauphin, Pennsylvania | 1 | $ 225,000 | $ 225,000 | $ 75,000 |
| Charleston, South Carolina | 1 | $ 545,000 | $ 545,000 | $ 140,000 |
| Dorchester, South Carolina | 1 | $ 455,000 | $ 455,000 | $ 101,000 |
| Carter, Tennessee | 1 | $ 315,000 | $ 315,000 | $ 117,000 |
| Albemarle, Virginia | 1 | $ 445,000 | $ 445,000 | $ 206,000 |
| Bedford, Virginia | 1 | $ 655,000 | $ 655,000 | $ 0 |
| Fairfax City, Virginia | 1 | $ 725,000 | $ 725,000 | $ 258,000 |
| Frederick, Virginia | 1 | $ 355,000 | $ 355,000 | $ 148,000 |
| Harrisonburg, Virginia | 1 | $ 165,000 | $ 165,000 | $ 222,000 |
| King and Queen, Virginia | 1 | $ 275,000 | $ 275,000 | $ 58,000 |
| King George, Virginia | 1 | $ 365,000 | $ 365,000 | $ 165,000 |
| Louisa, Virginia | 1 | $ 235,000 | $ 235,000 | $ 46,000 |
| Prince George, Virginia | 1 | $ 405,000 | $ 405,000 | $ 114,000 |
| Suffolk, Virginia | 1 | $ 315,000 | $ 315,000 | $ 114,000 |
| Virginia Beach, Virginia | 1 | $ 105,000 | $ 105,000 | $ 24,000 |
| Warren, Virginia | 1 | $ 265,000 | $ 265,000 | $ 117,000 |
| Westmoreland, Virginia | 1 | $ 275,000 | $ 275,000 | $ 82,000 |
| Winchester, Virginia | 1 | $ 235,000 | $ 235,000 | $ 68,000 |
| Berkeley, West Virginia | 1 | $ 275,000 | $ 275,000 | $ 114,000 |
| Jefferson, West Virginia | 1 | $ 245,000 | $ 245,000 | $ 75,000 |
Mortgage Loan Application Detail Totals for The Freedom Bank of Virginia in 2023
Loan Purpose |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Home Purchase | 276 | $165,210,000 | $598,000 | $1,935,000 | $213,000 | $1,272,000 |
| Cash-out Refinancing | 7 | $3,855,000 | $550,000 | $965,000 | $150,000 | $206,000 |
| Refinancing | 3 | $1,605,000 | $535,000 | $635,000 | $239,000 | $367,000 |
| Home Improvement | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other Purpose | 0 | $0 | $0 | $0 | $0 | $0 |
Applicant Race |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| White | 138 | $77,740,000 | $563,000 | $1,855,000 | $214,000 | $1,272,000 |
| Not Provided | 52 | $33,100,000 | $636,000 | $1,655,000 | $249,000 | $1,058,000 |
| Black or African American | 31 | $19,035,000 | $614,000 | $1,565,000 | $190,000 | $550,000 |
| Asian | 24 | $14,810,000 | $617,000 | $1,435,000 | $189,000 | $456,000 |
| Hispanic | 22 | $9,880,000 | $449,000 | $1,235,000 | $142,000 | $342,000 |
| Not applicable | 6 | $7,210,000 | $1,201,000 | $1,935,000 | $0 | $0 |
| American Indian or Alaskan Native | 3 | $1,655,000 | $551,000 | $775,000 | $161,000 | $200,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
Loan Type |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 200 | $129,100,000 | $645,000 | $1,935,000 | $244,000 | $1,272,000 |
| FHA-insured (Federal Housing Administration) | 49 | $20,425,000 | $416,000 | $895,000 | $115,000 | $253,000 |
| VA-guaranteed (Veterans Administration) | 33 | $19,965,000 | $605,000 | $1,065,000 | $184,000 | $350,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 4 | $1,180,000 | $295,000 | $335,000 | $93,000 | $104,000 |
Outcome |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Loan Originated | 248 | $149,980,000 | $604,000 | $1,935,000 | $213,000 | $1,272,000 |
| Application Denied By Financial Institution | 25 | $12,505,000 | $500,000 | $1,195,000 | $194,000 | $1,058,000 |
| File Closed For Incompleteness | 11 | $6,455,000 | $586,000 | $965,000 | $214,000 | $396,000 |
| Application Withdrawn By Applicant | 2 | $1,730,000 | $865,000 | $1,415,000 | $272,000 | $440,000 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial Institution | 0 | $0 | $0 | $0 | $0 | $0 |
Denial Reason |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Not applicable | 261 | $158,165,000 | $605,000 | $1,935,000 | $214,000 | $1,272,000 |
| Credit Application Incomplete | 18 | $8,330,000 | $462,000 | $925,000 | $199,000 | $1,058,000 |
| Debt-To-Income Ratio | 3 | $1,225,000 | $408,000 | $465,000 | $84,000 | $109,000 |
| Credit History | 1 | $1,195,000 | $1,195,000 | $1,195,000 | $408,000 | $408,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $425,000 | $425,000 | $425,000 | $149,000 | $149,000 |
| Collateral | 1 | $825,000 | $825,000 | $825,000 | $300,000 | $300,000 |
| Unverifiable Information | 1 | $505,000 | $505,000 | $505,000 | $168,000 | $168,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into The Freedom Bank of Virginia's 2023 lending activity. By analyzing detailed data on mortgage applications, total loan amounts, applicant incomes, loan purposes, and approval rates, industry professionals, researchers, and analysts can gain a clear understanding of this lender's role in the mortgage market.
This in-depth HMDA data allows real estate experts, financial analysts, and policymakers to track lending trends, evaluate borrower demographics,
and assess The Freedom Bank of Virginia's mortgage approval patterns.
Utilize this powerful dataset to analyze market performance, compare lending practices, and make data-driven decisions in the ever-changing mortgage industry.
For a list of all lenders in Virginia, download the full spreadsheet
with aggregated HMDA statistics today.
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