How it is owned matters
A condominium needs a project review before the loan can close, whatever the program. Tell your loan officer early whether the home is a condominium unit.
Bernards Township, Somerset County
Matching the loan to the home in Bernards Township and Basking Ridge, NJ
For buyers in Bernards Township, Basking Ridge included, where homes run from townhouses and condominiums to large houses: how the home, your savings and your income point to a loan program. 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
What are you buying?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Bernards Township housing
A wide range of homes and values
The 2020 to 2024 American Community Survey counts about 28,100 residents and about 10,600 homes in Bernards Township. Every figure includes Basking Ridge, which lies inside the township.
The median value of owner-occupied homes is about $814,800, but the spread is wide: an estimated 32.8 percent are valued at $1,000,000 or more, and about one in four, 25.7 percent, below $500,000.
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 Bernards Township, and we lend across New Jersey.
The homes
- Townhouses and other attached homes: an estimated 22.4 percent of homes
- Detached houses: an estimated 54.6 percent of homes
- Smaller apartment buildings: about one home in nine is in a building of five to 19 units
- Built in the 1980s and 1990s: an estimated 54.0 percent of homes
- Owners: an estimated 83.1 percent of occupied homes; the median age is 46.3
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Start with the home
The home narrows the choice first
Each program has its own rules for the down payment, mortgage insurance and the kind of home, so the home you pick does much of the sorting.
Conventional, FHA or VA
Below the conforming limit set each year for the county, a conventional loan, an FHA loan for a main home, or a VA loan for an eligible veteran can all be on the table.
Buying a homeJumbo rules
Above the limit, jumbo programs set their own rules for the down payment, credit and savings, and the rules tighten as the loan grows. Larger loans may need two appraisals.
Jumbo loansWith values spread as widely as they are here, two buyers in the same township can end up in quite different programs. That is normal, not a warning sign.
Then the borrower
Your savings, credit and income do the rest
Once the home has narrowed the field, your own file picks among what is left. FHA accepts smaller down payments and lower credit scores than most conventional loans. A VA loan, for eligible veterans, service members, Reserve and National Guard members and certain surviving spouses, has no monthly mortgage insurance.
If your tax returns do not show what you really earn, programs that read bank statements or assets have their own rules; ask whether one fits before you rule yourself out.
What a loan officer will ask
- Savings: how much you can put down, and what will be left after closing
- Credit: your scores and your recent payment history
- Income: pay stubs and W-2s, self-employment, retirement income or assets
- Service: whether anyone on the loan has served, for a VA loan
- The home: main home, second home or rental; a house, condominium or multi-unit building
Then the plan
How long you expect to keep it
The last question is time. A fixed rate is set at closing and does not change. An adjustable rate is fixed for a set number of years and then can change within caps, so it can suit you if you expect to sell or refinance before the fixed period ends, and if you could manage the payment it could reach.
The length of the loan trades the monthly payment against the interest paid over its life: shorter costs more each month and less in total. Your Loan Estimate shows both, so ask for each version you are weighing. Our choosing a loan program page goes through every step.
Mortgage insurance differs by program too: with a smaller down payment a conventional loan usually carries private mortgage insurance, FHA has its own upfront and annual premiums, and VA has no monthly mortgage insurance.
Questions
Questions from Bernards Township buyers
Do you lend in Bernards Township?
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 Bernards Township?
No. Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, in Monmouth County, and we lend across New Jersey. Call 732-686-9999 to talk with a licensed loan officer.
Is a townhouse financed like a house?
It depends on how it is owned. A townhouse sold as a condominium unit needs the condominium project review, so find out early.
How do I know whether my loan is jumbo?
A loan larger than the conforming limit set each year for the county is a jumbo loan. Ask your loan officer for the current Somerset County limit.
Which program asks for the smallest down payment?
It depends on the program, the home and your file. VA, FHA and some conventional programs are built for smaller down payments; jumbo loans usually need more.
What if my income does not fit the usual documents?
Some programs read bank statements or assets instead of tax returns. They have their own rules; ask whether one fits.
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.