Fixed or adjustable
A fixed rate keeps principal and interest the same for the life of the loan. An adjustable rate is fixed for a set number of years and then can change, so the payment can rise.
New Jersey
Jumbo loans in New Jersey
A jumbo loan is a home loan larger than the conforming limit set each year for the county; because the agencies do not buy it, each jumbo program writes its own rules. We offer jumbo loans for higher-priced homes in Monmouth County, along the Jersey Shore and across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Start your jumbo loan
Read how jumbo programs work, 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. 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).
Whether a loan is jumbo depends on the loan amount and the county limit for the number of units, so a loan officer checks the limit for the address before you make an offer.
The county limit
When a New Jersey loan is jumbo
Fannie Mae and Freddie Mac buy most home loans, up to a limit set each year for each county and number of units. A loan above that limit is a jumbo loan. The loan amount, not the price, is compared with the limit, and your loan officer checks the current limit for the county where you are buying.
The typical home in New Jersey is worth about 454,400 dollars, against about 332,700 dollars for the United States as a whole, and about 64 of every 100 occupied homes in the state are lived in by their owners (U.S. Census Bureau, American Community Survey 2020-2024, tables B25077 and B25003).
Because the agencies do not buy a jumbo loan, each program sets its own rules for the down payment, credit and the savings you keep after closing, and the rules tighten as the loan grows.
What matters
What jumbo programs look at
Each program has its own rules; these are the questions every jumbo loan answers.
- The down payment, as a share of the price; the rules tighten as the loan grows
- Your credit, usually the lowest middle score of all borrowers
- Your debts compared with your income; less is allowed on interest-only and larger loans
- Savings after closing, counted in months of payments
- The appraisal: one, or two from different appraisers on larger loans; jumbo loans do not use appraisal waivers
- No mortgage insurance: jumbo programs do not charge it, whatever the loan-to-value
Options
Jumbo options for New Jersey homes
Which option fits depends on the size of the loan, the home and how you document income.
Portfolio adjustable-rate loans
Some lenders keep loans on their own books and set their own rules. That can help with homes and borrowers other jumbo programs turn down, such as some condominiums and co-ops. Portfolio adjustable-rate loans.
Other ways to document income
If your tax returns do not show your real income, there are programs that look at bank statements or assets instead. Alternative documentation loans.
Questions
Questions from New Jersey jumbo buyers
Do you offer jumbo 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.
Is my New Jersey loan a jumbo loan?
It is jumbo when the loan amount is above the conforming limit for the county and the number of units. Your loan officer checks the current limit for the address.
Do jumbo loans have mortgage insurance?
No. Jumbo programs do not charge mortgage insurance, whatever the loan-to-value. Each program sets its own rules for the down payment, credit and savings after closing.
Can I buy a Shore second home with a jumbo loan?
Yes. Jumbo loans can be fixed or adjustable, for a main home, a second home and, in several programs, a rental property.
I am self-employed. Can I get a jumbo loan?
Yes. Most programs ask for full income documents, and some look at bank statements or assets instead. See alternative documentation loans.
How long does a jumbo loan take to close?
Often about three to four weeks once the file is complete; the appraisal can set the pace, and larger loans may need two.
Talk about a jumbo 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.