Conventional
Some conventional programs for first-time and lower-income buyers allow a smaller down payment. With a smaller down payment the loan usually carries private mortgage insurance.
Home purchase loans
Middlesex County, New Jersey
Buying your first home in Middlesex County, NJ
For Middlesex County renters getting ready to buy: the four steps of a purchase loan, the programs for a smaller down payment, help from family or an assistance program, and what to gather before you make an offer. 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 in the process?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Middlesex County housing
Many renters, and homes of every size
About 871,300 people and about 318,000 homes: that is Middlesex County in the Census Bureau’s American Community Survey estimates for 2020 to 2024. An estimated 63.6 percent of occupied homes are owned, and 36.4 percent, about 111,900 households, are rented.
Half of the owner-occupied homes in the county are estimated to be worth more than about $462,900, and half less.
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 Middlesex County, and we lend across New Jersey.
The homes
- Recent moves: about 21 percent of households moved into their home in 2020 or later
- Townhouse-style homes: an estimated 11.1 percent are one-family homes attached to the next, such as townhouses
- Garden-size buildings: about 14 percent are in buildings of five to 19 units
- Two or three bedrooms: about 57 percent of homes have two or three bedrooms
- Median age: an estimated 39.5 years
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
The steps
How a home purchase loan works
Most purchase loans follow the same four steps, whatever the program.
1. Talk and get a quote. A loan officer asks about your price range, your savings for the down payment and closing costs, your income and your credit, and explains which programs fit.
2. Apply and send documents. You complete the application and allow a credit report. The automated underwriting system lists the documents your loan needs.
3. The home is valued. Once you are under contract, an appraiser values the home. Some programs also check the home against safety standards, and a condominium needs a project review.
4. Underwriting and closing. An underwriter checks your documents against the program rules, and you review your closing disclosure and sign.
Where are you now?
- Considering: learn what you can comfortably spend each month, and start gathering pay stubs, tax returns and bank statements
- Shopping: talk to a loan officer before you make an offer, so you know your price range and your cash to close
- Under contract: apply now so the appraisal can be ordered, and share your contract dates
Programs
Programs for a smaller down payment
A loan officer can put the programs side by side for your savings, your credit and the home.
FHA
Made by a private lender and insured by the Federal Housing Administration, for the home you will live in. FHA loans accept smaller down payments and lower credit scores than most conventional loans, and any buyer can use one, not just first-time buyers.
FHA loans in New JerseyVA
For eligible veterans, service members, Reserve and National Guard members and certain surviving spouses; VA, not the lender, decides eligibility. There is no monthly mortgage insurance.
VA loans
Down payment
The money you bring to closing
With an FHA loan, the money for closing can come from more than your own savings.
Your own money
Savings, checking and other accounts you can document. The source of large deposits is checked, so keep a record of where the money came from.
A documented gift
A relative or another allowed donor can give you the down payment. You will need a gift letter and a record of the money moving from their account to yours.
Down payment assistance
Money from a housing agency or a program that works with government agencies. You still take a regular first mortgage, and the assistance comes with it at the same closing; some programs cover closing costs too.
See the programs and estimate your helpOn an FHA loan, the seller may also pay part of your closing costs, up to a limit HUD sets. To start, gather recent pay stubs and W-2 forms, tax returns, bank statements showing the money for closing, a gift letter if family is helping, and photo identification for everyone on the loan.
Questions
Questions from Middlesex County first-time buyers
Do you lend in Middlesex County?
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 Middlesex County?
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.
Do I have to be a first-time buyer to use an FHA loan?
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.
Does down payment assistance have to be repaid?
It depends on the program. In most programs the assistance is a second loan, recorded behind your first mortgage, and it is either repaid or, if you meet the program’s conditions, forgiven. Your loan officer can tell you which programs fit the home you are buying.
Should I talk to a lender before I make an offer?
Yes. A conversation and a credit review before you shop show you a realistic price range and the documents to gather, before you are working against contract deadlines.
How long does it take?
It depends on the program, the appraisal and how quickly documents come in. Sending your contract and documents early helps.
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.