First-time and repeat buyers
Buyers in Monmouth County and across New Jersey with a smaller down payment or a credit history that conventional rules do not fit. FHA loans are not only for first-time buyers.
New Jersey
FHA loans in New Jersey
An FHA loan is a mortgage on the home you live in, made by a private lender and insured by the Federal Housing Administration, that accepts smaller down payments and lower credit scores than most conventional loans. We offer FHA loans to buyers and homeowners in Monmouth County, along the Jersey Shore and across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Start your FHA loan
Read how it works, see what help is available, then talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Local lender
Why work with a New Jersey lender
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License, and an FHA-approved lender. Our New Jersey office is at 121 NJ-36, Suite 230, West Long Branch, and our licensed branch is at 1 Yorktowne Drive, Manalapan (branch NMLS ID #2103558).
Buying with a smaller down payment takes some planning: the loan limit for the county, what the appraiser will check on the home, and where the money for closing comes from. A licensed loan officer who works with Monmouth County buyers can go through each of them with you before you make an offer.
Who it suits
Who it suits in New Jersey
Buyers and owners of the home they live in, including people with a smaller down payment or a lower credit score than most conventional loans accept.
Buyers with a gift from family
A gift from a relative or another allowed donor can cover the down payment. You will need a gift letter and a record of the money moving.
Houses, small multi-unit homes and condos
A house, a house with more than one unit when you live in one of them, or a condominium that meets FHA’s rules for its project. The home must be your main residence.
Monmouth County
FHA in Monmouth County: the loan limit and the home
FHA sets a loan limit for each county, and your loan must fit the limit for the county where the home is. Monmouth County has its own limit, as does every other county in New Jersey; your loan officer gives you the current figure for the county where you are buying, 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. Repairs may be required before closing. A Shore house you will rent out, or use only for part of the year, cannot be financed with an FHA loan; see investment property loans instead.
If the home needs work, an FHA renovation loan can pay for repairs or renovation with the same loan, with the money for the work paid out as it is done. See renovation loans.
Down payment
Paying the down payment and closing costs in New Jersey
FHA lets you use more than your own savings for the money you bring to closing.
Your own money
Savings, checking and other accounts you can document. The source of large deposits is checked.
A documented gift
A gift from a relative or another allowed donor, with a gift letter and a record of the money moving.
Down payment assistance
Some national assistance programs we work with are open to FHA buyers in New Jersey. The assistance is usually a second loan with its own terms, forgivable or repayable depending on the program.
See the programs and estimate your helpNew Jersey’s own programs. Fidelity Residential is an FHA-approved lender. Ask your loan officer which down payment assistance programs fit the home you are buying in New Jersey; our down payment assistance page shows the programs we work with and estimates your help.
The seller may also pay part of your closing costs, up to a limit HUD sets.
How it works
How an FHA loan works
- A private lender, insured by FHA. The government does not lend the money; it insures the lender against loss, and you pay mortgage insurance in return.
- Two mortgage insurance premiums. An upfront premium, usually added to the loan, and an annual premium paid with your monthly payment. Your loan estimate shows both in dollars.
- Apply and document. The lender orders an FHA case number, pulls credit and runs the file through FHA’s automated scorecard, which lists the documents needed.
- Appraisal, underwriting and closing. The appraiser values the home and checks it against HUD’s standards, an underwriter reviews your documents, and you sign at closing.
Want the detail? Our FHA loan guide covers the requirements, mortgage insurance, the documents to gather and FHA refinances, and our down payment assistance page has an estimator for the programs we work with.
Questions
Questions from New Jersey home buyers
Do you offer FHA loans in New Jersey?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License. You can check it on NMLS Consumer Access (opens in a new tab).
Where are you located?
Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, and our licensed branch is at 1 Yorktowne Drive, Manalapan, NJ 07726. Call 732-686-9999 to talk with a licensed loan officer.
What is the FHA loan limit in Monmouth County?
FHA sets a limit for each county, including Monmouth County, and the loan must fit the limit for the county where the home is. Your loan officer gives you the current figure for the county where you are buying.
Can I get down payment assistance with an FHA loan in New Jersey?
Some national assistance programs we work with are open to FHA buyers in New Jersey, usually as a second loan with its own terms. Your loan officer can tell you which programs fit the home you are buying. See the programs and estimate your help.
Are FHA loans only for first-time buyers?
No. Any buyer can use an FHA loan, as long as the home will be their main residence and the loan fits FHA’s rules and the county loan limit.
Can I buy a Shore home or a rental with an FHA loan?
Only if it will be your main residence. A house with more than one unit can be financed when you live in one of the units. A home you will rent out or use for part of the year is not eligible; see investment property loans.
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.
Talk about an FHA loan in New Jersey
Get a quote online, or call and plan your purchase with a licensed loan officer.
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.