The building is reviewed too
A condominium needs a project review of the building as well as the appraisal of the unit, so tell your loan officer early what kind of building it is.
Buying a home
Florham Park, Morris County
Downsizing in Florham Park, NJ: from the family house to the next, smaller home
For Florham Park owners ready for less house: how the money from a sale is read, what changes when the next home is a condominium or a townhouse, and how a lender counts a pension, Social Security or savings. 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?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Florham Park housing
Newer homes and older households
The Census Bureau’s American Community Survey puts Florham Park at about 13,600 residents and about 5,100 homes for 2020 to 2024.
An estimated 41.5 percent of households include someone 65 or older, and an estimated 36.0 percent receive Social Security. About one home in four, an estimated 27.2 percent, was built in 2010 or later. Owner-occupied homes have an estimated median value of about $791,400.
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 Florham Park, and we lend across New Jersey.
Homes and households
- Single detached houses: an estimated 49.0 percent of homes, fewer than half
- Attached homes such as townhouses: an estimated 14.7 percent
- Homes owned by the people living in them: an estimated 69.8 percent
- Owned outright: about 1,300 owner-occupied homes, an estimated 41.0 percent
- Residents 65 or older: an estimated 21.2 percent of the population
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
The house you are leaving
Turning the sale into the next down payment
Most downsizing starts with the house you have. When it sells, the money lands in your account as one large deposit, so keep the closing statement from the sale: it is the paper that explains where the money came from.
Timing. Money that has just arrived may need time in the account before some programs use it. If you can, have the accounts settled before the home search begins.
Buying first. If the next home comes up before the house sells, say so at the start. The lender looks at how you would carry both homes for a while, and the contract for the house you are selling belongs in the file.
Cash now, a loan later. If the sale leaves enough to buy outright, some owners pay cash and borrow part of it back soon after with delayed financing, on a home they live in as well as on a rental.
The next home
A smaller place: what changes with the home
The kind of home you choose shapes the loan as much as the price does.
Association dues are part of the cost
Owning costs more than the loan payment. Property taxes, insurance, upkeep and any association dues all count, so ask for the dues before you compare two homes.
Choosing a loan programIf you may move again
An adjustable rate, fixed for a set number of years, can suit a plan to sell before the fixed period ends, and a lender credit toward closing costs can make sense for a few years’ stay.
Adjustable rate mortgages
Retirement income
Income after work: pensions, Social Security and savings
Social Security, a pension and regular withdrawals from an account can all count as income. The lender needs the award letters and proof that the payments arrive, and some income must be shown to continue for a set time.
If your savings say more than your income does, an asset-based mortgage can count verified savings, investments and retirement accounts in place of, or as well as, a pension. Nothing is pledged, and you do not have to withdraw the money.
Questions about the tax on the sale, or on any withdrawal, are for your own tax adviser.
Papers to have ready
- The sale: the closing statement, or the contract if it has not closed
- Benefits: Social Security and pension award letters, with proof of receipt
- Accounts: bank, brokerage and retirement statements, every page
- Plan terms: the withdrawal terms of each retirement plan you draw on
- ID: photo identification for each person on the loan
Questions
Questions from Florham Park owners
Do you lend in Florham Park?
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 Florham Park?
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.
Can the money from selling my house be the down payment?
Yes. Keep the closing statement from the sale to explain the deposit. In some programs, money that has just arrived may need time in the account first.
Does Social Security count as income for a mortgage?
It can. The lender needs the award letter and proof that the payments arrive, such as bank statements.
Is a condominium harder to finance than a house?
It has one more step: a project review of the building as well as the appraisal of the unit. Tell your loan officer early what kind of building it is.
Can I buy before my house sells?
Often. Tell your loan officer at the start: the lender looks at how you would carry both homes until the sale, and some programs treat a house under contract differently.
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.