For Hudson County renters ready to buy and owners in larger buildings: what changes when the home is a condominium, conventional and FHA loans for a condo, and options for condos and co-ops other programs turn down. 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
About 718,300 people live in Hudson County, in about 321,000 homes, according to American Community Survey estimates from the Census Bureau for 2020 to 2024. Most households rent: an estimated 69.3 percent, about 207,600 households, against 30.7 percent who own their home.
Across about 92,100 owner-occupied homes, the estimated median value is about $539,700.
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 Hudson County, and we lend across New Jersey.
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
A condominium needs a project review, alongside the appraisal of the unit itself. In a building with many units, the project is looked at as a whole: the lender reviews the building as well as the unit you are buying.
Talk to a loan officer before you make an offer, and say that the home is a condominium, so you know your price range, your cash to close and what the building changes for the programs you are looking at.
Not insured by the government, with a fixed or an adjustable rate, for a main home, a second home or a rental. Some programs for first-time and lower-income buyers allow a smaller down payment, usually with private mortgage insurance.
Home purchase loansFor a condo you will live in as your main residence, in a project that meets FHA’s rules. FHA loans accept smaller down payments and lower credit scores than most conventional loans.
FHA loans in New JerseyMoving from renting to owning? On an FHA loan, a documented gift from family or an allowed down payment assistance program can help with the money for closing; see down payment assistance.
Some condominium projects do not meet the agencies’ rules, so a conventional loan cannot be used; these are often called non-warrantable condos. Condotels, where units are rented out like hotel rooms, are one example.
A portfolio loan is a first mortgage the lender keeps on its own books, so it can set its own rules and look at the building on its own terms. The building’s association answers the lender’s questions in full.
Co-operative apartments, where you own shares in the building rather than the unit itself, can be financed the same way; the co-op’s documents are reviewed by an attorney as part of the loan.
Fidelity Residential can make loans on these condos and co-ops in house, as the lender. For some buildings we can also arrange a portfolio adjustable-rate loan made by a credit union, with Fidelity Residential as the mortgage broker: its rate is fixed for a set number of years and then can change every year, so the payment can rise, and income, assets and credit are fully documented. See portfolio adjustable-rate loans.
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.
Yes, if it will be your main residence and the condominium meets FHA’s rules for its project. Ask your loan officer to check the project early, before you sign a contract. A condo you will rent out or use for part of the year is not eligible.
A condominium in a project that does not meet the agencies’ rules, so a conventional loan cannot be used. A portfolio lender keeps the loan on its own books and can look at the building on its own terms.
No. That loan is adjustable: fixed for a set number of years, then able to change every year. Ask your loan officer which of our condo and co-op options fits your building, including the loans we make in house.
Only for the portfolio loan a credit union makes: you become a member before closing, and no deposit is needed. When Fidelity Residential makes the loan in house, as the lender, there is no membership.
Get a quote online, or call us and talk it through 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.