FHA loans in Camden County, NJ
For Camden County buyers of the home they will live in: how an FHA loan works, the two mortgage insurance premiums, the county loan limit and the condition of the home, and what to check before you make an offer. 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 in the process?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Renters, townhouses and older homes
The Census Bureau’s American Community Survey puts Camden County at about 527,300 residents and about 213,800 homes, in its estimates for 2020 to 2024. Renters make up an estimated 35.3 percent of households, about 71,500, and owners 64.7 percent.
The estimated median value of owner-occupied homes is about $287,100, and about 54 percent of those homes are valued below $300,000.
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 Camden County, and we lend across New Jersey.
The homes
- Townhouse-style homes: an estimated 16.7 percent are one-family homes attached to their neighbors, such as townhouses and row houses
- Older homes: about 40 percent were built before 1960
- Recent moves: about 21 percent of households have moved in since the start of 2020
- Detached houses: an estimated 54.6 percent, a little over half
- Buildings of 20 or more units: an estimated 11.3 percent of homes
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
How an FHA loan works
An FHA loan is a mortgage on the home you live in, made by a private lender and insured by the Federal Housing Administration. The government does not lend the money; it insures the lender against loss, and you pay mortgage insurance in return.
In exchange, FHA accepts a smaller down payment and a lower credit score than most conventional loans ask for, and any buyer can use it, whether or not this is a first home.
Two mortgage insurance premiums
- Upfront: paid once, usually added to the loan
- Annual: paid with your monthly payment; with a larger down payment it ends after a set number of years, and with a smaller one it lasts for the life of the loan
- In dollars: your loan estimate shows both premiums
The county loan limit, and the condition of the home
FHA sets a loan limit for each county, and your loan must fit the limit for the county where the home is. Camden County has its own limit, as every New Jersey county does; your loan officer gives you the current figure before you start making offers.
The home must be your main residence and meet HUD’s safety and soundness standards, which the FHA appraiser checks, and repairs may be required before closing. If an older home needs work, an FHA renovation loan can pay for the repairs with the same loan.
Homes FHA can finance
- A house or a townhouse: that will be your main residence
- Two to four units: when you live in one of them
- A condominium: in a project that meets FHA’s rules
- A manufactured home: that meets HUD’s rules
What to check before you make an offer
The money you bring to closing can come from documented savings, a gift from a relative with a gift letter, or a down payment assistance program, which is usually a second loan with its own terms. The seller may also pay part of your closing costs, up to a limit HUD sets.
A loan officer can go through each item on the list with you before you sign a contract.
Check before you offer
- The limit: the current FHA loan limit for Camden County, from your loan officer
- The tax bill: the home’s current property tax bill, because taxes are part of the monthly payment
- Insurance: a quote, with flood insurance if the home needs it
- A condominium: whether the project meets FHA’s rules; ask early
- The condition: the appraiser checks it against HUD’s standards, so an older home may suit a renovation loan
Questions about FHA loans from Camden County buyers
Do you lend in Camden 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 Camden 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.
Will I pay FHA mortgage insurance for the life of the loan?
It depends on your down payment. The upfront premium is a one-time charge, usually added to the loan. The annual premium is paid monthly: with a larger down payment it stops after a set number of years, and with a smaller one it lasts as long as the loan. Some owners later refinance into a different loan to remove it.
What credit score do I need for an FHA loan?
FHA sets a minimum credit score, and a lender may set its own. FHA accepts lower scores than most conventional loans. A loan officer can tell you where you stand after reviewing your credit.
Should I use an FHA loan or a conventional loan?
Every FHA loan carries mortgage insurance. If your credit and savings could fit a conventional loan as well, ask for both and compare the two loan estimates side by side for the same home.
Can a permanent resident get an FHA loan?
Yes. Lawful permanent residents are treated on the same terms as U.S. citizens.
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.