For buyers and owners of a Cape May County home used for part of the year: a second home for your own use, a rental let by the week or on a lease, and borrowing against a home you already own. 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.
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
The Census Bureau’s American Community Survey estimates for 2020 to 2024 show about 99,600 homes in Cape May County for about 94,900 residents: more homes than people.
More than half the homes, an estimated 54.9 percent, about 54,700, were counted as vacant, and about 49,700 of those were held for seasonal, recreational or occasional use.
Of the occupied homes, an estimated 80.3 percent are lived in by their owners, and the estimated median value of owner-occupied homes is about $434,600.
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 Cape May County, and we lend across New Jersey.
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
A second home is a one-unit home you keep for your own use for part of the year, such as a vacation home. It is financed under second-home rules, which differ from the rules for a rental.
A conventional loan can buy or refinance a second home, with a fixed or an adjustable rate, and a gift from a relative can help with the down payment within the program’s rules. For a higher-priced home, jumbo loans also finance second homes, and many alternative documentation programs allow one for the self-employed.
Not with an FHA loan: a Shore house you will use for part of the year cannot be financed with one. And a home you rent out by the night or week is financed as a rental, not as a second home.
A rental is financed for business purposes, on the income it brings in rather than your own.
A house, condo or small multi-unit property let through a booking platform. On a refinance, most programs average your booking statements over a full year, so the busy weeks and the quiet months count together.
Short-term rental loans at the Jersey ShoreA Shore house let to a tenant on a lease is financed like any other rental, on the property’s own rent instead of your personal income.
DSCR loans in New JerseyNobody on the loan may live in the property or use it as a second home, even for part of the summer, and you sign business-purpose and occupancy statements saying so.
Before you make an offer on a rental: check the town’s rules on renting by the night or week and any permit it requires, the association’s rules for a condominium, the property’s own tax bill, and an insurance quote with flood insurance if the property needs it.
A home equity line of credit or a home equity loan can be secured by a second home as well as by the home you live in, and your first mortgage stays as it is. Some programs also accept a rental property, as a business-purpose loan. See HELOCs and home equity loans in New Jersey.
Already run a Shore rental? A short-term rental loan can also refinance it or take cash out, for business purposes, with your booking income, credit, assets and the appraisal checked the same way.
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).
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.
No. A rental financed on its income is investment property. Nobody on the loan may live in it, even part of the year, and you sign a statement saying so. A second home of your own needs a different kind of loan.
Yes, a condominium can be financed this way where the town’s rules and the association’s rules both allow short-term letting. Check both before you make an offer.
Yes, if the property needs it. Insurance is part of the full monthly payment the rental’s income must cover.
No. FHA loans are for the home you live in as your main residence. A conventional loan, or a jumbo loan for a higher-priced home, can finance a second home.
Get a quote online, or call us and talk it through with a licensed loan officer.
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.