A documented gift
A gift from a relative or another allowed donor can cover the down payment on an FHA loan. You will need a gift letter and a record of the money moving.
Asbury Park, Monmouth County
Home and investor loans in Asbury Park, NJ
From a first home to an older house that needs work, or a property to renovate and rent, Fidelity Residential finances Asbury Park homes for buyers, owners and investors. We are a direct, licensed mortgage lender with our New Jersey office on Route 36 in West Long Branch.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Where do you fit?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Asbury Park housing
An older city where most people rent
Asbury Park has about 15,300 residents and about 8,700 homes, according to the Census Bureau’s American Community Survey estimates for 2020 to 2024.
Most households rent. An estimated 72.3 percent of occupied homes are lived in by renters, and 27.7 percent by their owners.
The housing is old: an estimated 37.2 percent of homes were built in 1939 or earlier. There has been newer building too, with an estimated 9.8 percent built between 2010 and 2019.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our local office is at 121 NJ-36, Suite 230, West Long Branch.
The mix of homes
- Larger buildings: an estimated 31.2 percent of homes are in buildings of 20 or more units
- Two to four units: about one home in five is in a building of two to four units
- Single houses: an estimated 22.4 percent are single detached houses
- Seasonal homes: of about 1,180 homes counted as vacant, about 520 were held for seasonal, recreational or occasional use
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Renting to owning
Buying your first Asbury Park home
The money you bring to closing can come from more than your own savings.
Down payment assistance
Assistance is usually a second loan with its own terms, forgivable or repayable depending on the program. Ask your loan officer which programs fit the home you are buying.
See the programs and estimate your helpBuying in a larger building
In a building with many units, the condominium project itself is reviewed, not only your unit. For an FHA loan, the project has to meet FHA’s rules and you have to live in the unit as your main residence.
FHA loans in New JerseyTalk to a loan officer before you make an offer, so you know your price range and your cash to close. With an FHA loan, the seller may also pay part of your closing costs, up to a limit HUD sets.
Older homes
When the home needs work
With this much of the city built before 1940, ask early how the age and condition of a home affect the loan. There are three things to know.
The appraisal. An FHA loan needs the home to meet HUD’s safety and soundness standards, which the FHA appraiser checks, and repairs may be required before closing.
Paying for the work. If you are buying a home to live in and it needs work, an FHA renovation loan can pay for repairs or renovation with the same loan, with the money for the work paid out as it is done. See renovation loans.
Already own? A renovation paid in stages fits a home equity line of credit, which you draw on as the work is done while your first mortgage stays as it is. See HELOCs and home equity loans in New Jersey.
Investors
Renovate, then sell or rent
Two loans that can work in sequence on an older Asbury Park property. Both are for business purposes only, on property nobody on the loan will live in.
A fix and flip loan
Short-term financing to buy and renovate a property, then sell it or refinance it into a long-term loan. The renovation money is released in draws as the work is done.
Fix and flip loans in New JerseyA rental loan on the rent
If you decide to keep the property, a DSCR loan can replace the short-term loan once it is rented. It is based on the property’s own rent instead of your personal income; the rent used is generally the lower of the lease and the appraiser’s market rent.
DSCR loans in New JerseyYour name or your company
You can hold title in your own name or in a company, such as a limited liability company. We tell you which company documents to send.
Run the DSCR calculatorBusiness purpose investor loans are for investment property only. Check the city’s rules for the property and the work before you buy.
Questions
Questions from Asbury Park buyers and investors
Do you lend in Asbury Park?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License. You can check the licence on NMLS Consumer Access (opens in a new tab).
Where is your office?
Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764. Call 732-686-9999 to talk with a licensed loan officer.
Can one loan cover the purchase and the repairs?
Yes, for a home you will live in. An FHA renovation loan can pay for repairs or renovation with the same loan, with the money for the work paid out as it is done. For a property you will sell or rent out, a fix and flip loan releases the renovation money in draws instead.
Can I buy an Asbury Park condo with a smaller down payment?
An FHA loan accepts a smaller down payment than most conventional loans, when the condominium meets FHA’s rules for its project and the unit will be your main residence. A documented gift or a down payment assistance program can help with the down payment.
Can I renovate a property and then keep it as a rental?
Yes. You can buy and renovate with a fix and flip loan, then replace it with a DSCR loan based on the rent once the property is rented. Both are business-purpose loans on property nobody on the loan will live in.
Can my LLC hold title to an Asbury Park rental?
Yes. Title can be in your own name or in a company such as a limited liability company. We tell you which company documents to send.
Talk with a loan officer near you
Get a quote online, or call us and talk it through with a licensed loan officer.
What happens next
- Tell us about your loan. A few quick questions about the property and the loan you want. No credit check to start and no obligation.
- A licensed loan officer reviews your answers and follows up with you, usually within one business day.
- This is a request for a quote, not a loan application and not a commitment to lend.
Business purpose investor loans are for investment property only.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.