Conventional loan
For a condominium in a project that meets the agencies’ rules: a loan not insured by the government, fixed or adjustable, for a main home, a second home or a rental.
Home purchase loans
Chatham Township, Morris County
Condo and townhouse loans in Chatham Township, NJ
For Chatham Township buyers looking at a condominium or a townhouse as well as a house: what the project review checks, the loans that fit a condo, and what happens when a building does not meet the agencies’ rules. 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
Which home are you looking at?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Chatham Township housing
Houses, townhouses and homes in larger buildings
In its American Community Survey estimates for 2020 to 2024, the Census Bureau puts Chatham Township at about 11,100 residents living in about 4,100 homes. An estimated 84.1 percent of households own the home they live in.
The median value of owner-occupied homes is about $1,072,600 by the Census estimate, and an estimated 53.7 percent are valued 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 Chatham Township, and we lend across New Jersey.
The homes
- Five units or more: about 22 percent of homes are in buildings of five or more units
- Owners in those buildings: about 450 owner-occupied homes, roughly one in seven
- Attached homes: an estimated 8.5 percent are single-family homes attached to their neighbors, such as townhouses
- Detached houses: about two homes in three, an estimated 67.3 percent
- Mortgages: an estimated 66.5 percent of about 3,300 owner-occupied homes have one
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Condominiums
A condo is looked at twice: the unit and the project
When the home is a condominium, the appraisal values the unit and a project review looks at the condominium as a whole. The building and its association become part of the review, alongside the home you are buying, and the association answers the lender’s questions.
Say that the home is a condominium when you first talk to a loan officer, before you make an offer. Some projects suit every program and some suit fewer, and finding out early keeps your contract dates realistic.
Townhouses. Ask early whether a townhouse is sold as a condominium unit or as a house of its own, because a condominium brings the project review with it.
The monthly cost. The association’s dues are part of what you pay each month, with principal and interest, property taxes and insurance, so ask the seller or the listing agent for them early.
The loans
Which loans fit a condominium
Jumbo loan
When the loan is larger than the conforming limit for the county, each jumbo program writes its own rules, condominiums included, so a loan officer compares them for your building.
Jumbo loan rulesFHA loan
For a condo that will be your main residence, where the project meets FHA’s rules. Renting the unit out, or using it for part of the year, rules FHA out.
FHA loans
Harder buildings
When the project does not meet the agencies’ rules
Some condominium projects fall outside the agencies’ rules, so a conventional loan cannot be used. They are often called non-warrantable condominiums; a condotel, where units are rented out like hotel rooms, is one kind.
Lending in house. Fidelity Residential can make a loan on these condominiums, and on co-operative apartments, in house, as the lender. A co-op is a building in which you own shares rather than the unit itself; ask early which documents the co-op will need to provide.
A credit union’s portfolio loan. For some buildings we can also arrange, as your mortgage broker, a portfolio adjustable-rate loan that a credit union makes and keeps. Its rate holds for a set number of years and can then change every year, so the payment can rise, and your income, assets and credit are documented in full. See portfolio adjustable-rate loans.
Questions
Questions from Chatham Township condo and townhouse buyers
Do you lend in Chatham 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 Chatham 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.
What is a condominium project review?
A look at the condominium as a whole, the building and its association, alongside the appraisal of the unit you are buying. Ask your loan officer to start it early.
Can I use an FHA loan for a condo here?
Yes, when the condo will be your home and the project meets FHA’s rules. FHA does not finance a condo you rent out or keep for part of the year.
What if the building does not meet the agencies’ rules?
A conventional loan cannot be used. Fidelity Residential can lend on these condominiums and co-ops in house, as the lender, and a credit union’s portfolio loan can fit some buildings; ask which option fits yours.
Do association dues affect the loan?
Yes. The dues are part of your monthly housing cost, with principal and interest, taxes and insurance, so get them from the seller or the listing agent before you sign.
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.