Fixed or adjustable
With a fixed rate, principal and interest stay the same until the loan is paid off. With an adjustable rate, the rate holds for a set number of years and can then change, so the payment can go up.
How adjustable rates work
Bergen County, New Jersey
Jumbo loans and higher-priced homes in Bergen County, NJ
For Bergen County buyers and owners whose loan may be larger than the conforming limit: how to tell whether a loan is jumbo, what jumbo programs look at, and the choices for a condominium, a co-op building or a two-family house. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch, in Monmouth County, and we lend across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Where are you?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Bergen County housing
High home values, and many two-family houses
Bergen County has about 962,300 residents and about 369,600 homes, according to the Census Bureau’s American Community Survey estimates for 2020 to 2024. An estimated 65.3 percent of occupied homes are lived in by their owners.
The Census Bureau puts the median value of owner-occupied homes in the county at about $623,000. An estimated 53.3 percent of those homes are valued between $500,000 and $999,999, and 14.0 percent at $1,000,000 or more.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our office is at 121 NJ-36, Suite 230, West Long Branch, in Monmouth County; we do not have an office in Bergen County, and we lend across New Jersey.
The homes
- Two-family houses: an estimated 12.6 percent of homes, about 46,600, are in buildings of two units
- Larger buildings: an estimated 15.4 percent are in buildings of 20 or more units
- Detached houses: an estimated 53.1 percent of homes stand on their own
- Older homes: about half, an estimated 50.7 percent, were built before 1960
- Mortgages: of about 232,000 owner-occupied homes, an estimated 61.6 percent, about 142,900, have a mortgage
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Is it jumbo?
The conforming limit, and how to compare your loan with it
Most home loans are bought by the agencies, up to a limit set each year for each county and number of units. A loan above that limit is a jumbo loan, and because the agencies do not buy it, each jumbo program writes its own rules.
The limit is reset each year, and it is higher in high-cost counties. It is also set for each number of units, so a two-family house is compared with a different figure from a single house. A loan officer can check the current figure for a Bergen County address and the home you have in mind.
Three steps to check
- The loan amount: start from the price and your down payment; it is the loan amount, not the price, that is compared with the limit
- The right limit: the figure for the county and for the number of units in the home
- The answer: a loan above that figure is jumbo, and a jumbo program’s own rules apply
Jumbo programs
What jumbo programs look at
Every jumbo program writes its own rules for the down payment, credit and the savings left after closing, and those rules get stricter as the loan gets larger. In practice, four things carry the most weight: the down payment as a share of the price, your credit, your debts compared with your income, and the savings you keep after closing, counted in months of payments.
No mortgage insurance. No jumbo program charges mortgage insurance, at any loan-to-value.
Full documents, and sometimes two appraisals. Most programs ask for full income documents. Larger loans may need two appraisals from different appraisers, and jumbo loans do not use appraisal waivers.
Why savings after closing matter. Without an agency behind the loan, programs want to see that you could keep making payments through a rough patch, and the amount they ask for grows with the size of the loan.
The home
A condominium, a co-op building or a two-family house
The kind of home, and how you will use it, shape which jumbo programs fit, so say both at the start.
Condos and co-ops
Some lenders keep loans on their own books and set their own rules, which can help with some condominiums and co-ops other jumbo programs turn down. These loans are adjustable, and income, assets and credit are still fully documented.
Portfolio adjustable-rate loansA two-family house
A jumbo loan can be for a main home, a second home and, in several programs, a rental property. Ask early what a multi-unit home changes, and whether you will live in one of the units.
Jumbo loans for higher-priced homesPhysicians and dentists have a dedicated program of their own: see doctor and dentist loans. If your tax returns do not show your real income, some programs look at bank statements or assets instead; see alternative documentation loans.
Questions
Questions from Bergen County buyers and homeowners
Do you lend in Bergen County?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License, and we lend across New Jersey. You can check the licence on NMLS Consumer Access (opens in a new tab).
Do you have an office in Bergen County?
No. Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, in Monmouth County. Call 732-686-9999 to talk with a licensed loan officer.
Is my loan a jumbo loan?
Look at the loan amount, not the price, and compare it with the conforming limit for Bergen County and the number of units in the home. The figure is reset each year, so ask a loan officer for the current one.
Will I pay mortgage insurance on a jumbo loan?
No. Jumbo programs charge no mortgage insurance at any loan-to-value; each one sets its own rules for the down payment and the savings you keep after closing instead.
Can a first-time buyer get a jumbo loan?
Yes. Some programs cap the loan size for a first-time buyer or ask for a larger down payment. A loan officer can tell you which programs fit.
Can gift funds help with the down payment?
In most jumbo programs, yes, usually with some of your own money alongside the gift.
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.
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.