A unit in a larger building
A condominium needs a project review, alongside the appraisal of the unit itself. For an FHA loan, the project has to meet FHA’s rules and you have to live in the unit as your main residence.
FHA loans in New Jersey
Red Bank, Monmouth County
Buying a home in Red Bank, NJ
From a condominium to a two-family or an older house, Fidelity Residential finances Red Bank home purchases, including for buyers who are self-employed or paid on 1099 forms. We are a direct, licensed mortgage lender with our New Jersey office on Route 36 in West Long Branch.
- 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
Red Bank housing
Half owners, half renters, and many newcomers
Red Bank has about 12,900 residents and about 6,200 homes, according to the Census Bureau’s American Community Survey estimates for 2020 to 2024.
Occupied homes are split almost evenly: an estimated 50.1 percent are lived in by their owners and 49.9 percent by renters.
Many households are new to their home: about 29 percent moved into it in 2020 or later.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our local office is at 121 NJ-36, Suite 230, West Long Branch.
The mix of homes
- Single houses: an estimated 40.3 percent of homes are single detached houses
- Attached houses: an estimated 9.3 percent are single-family homes attached to their neighbors, such as townhouses
- Two to four units: about 18 percent are in buildings of two to four units
- Larger buildings: an estimated 22.1 percent are in buildings of 20 or more units
- Smaller homes: more than half have two bedrooms or fewer
- Older homes: an estimated 32.4 percent were built in 1939 or earlier
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
The kind of home
What the kind of home changes
A condominium, a home with more than one unit and an older house each change what the loan asks for. Ask about it before you make an offer.
Live in one unit
An FHA loan can finance a house with more than one unit when you live in one of the units as your main residence. A loan officer can tell you what a multi-unit home changes for the programs you are looking at.
Home purchase loansA house that needs work
An FHA loan needs the home to meet HUD’s safety and soundness standards, which the FHA appraiser checks, and repairs may be required before closing. An FHA renovation loan can pay for repairs or renovation with the same loan.
Renovation loansWe also offer conventional, VA and jumbo loans. Each program has its own rules for the down payment, mortgage insurance and the kind of home, and a loan officer can compare them for your situation.
Self-employed, 1099 and savings
When your income takes explaining
If your tax returns do not show your real income, there are programs that look at bank statements, 1099 forms or assets instead. They have their own rules; ask a loan officer whether one fits.
Bank statement loans
For self-employed borrowers: your income is worked out from the deposits in your bank statements rather than from your tax returns. Your credit, savings, the appraisal and your debts compared with your income are still checked.
Bank statement loans in New Jersey1099 loans
For independent contractors, freelancers and commission earners paid on IRS Form 1099 rather than a W-2. The lender uses the 1099 forms themselves instead of tax returns, and first-time buyers can use this program.
1099 loansAsset-based loans
Your verified savings, investments and retirement accounts can count in place of, or as well as, a paycheck. Your accounts stay in your name; nothing is pledged and nothing has to be sold.
Asset-based loans in New JerseyNone of these is a stated-income loan: income, credit, assets and the home are all verified.
From offer to closing
Buying in Red Bank, step by step
Most purchase loans follow the same steps, whatever the program.
Considering buying
Learn what you can comfortably spend each month, ask which programs match your savings and your plans, and start gathering the documents your income needs.
Shopping for a home
Talk to a loan officer before you make an offer, so you know your price range and your cash to close.
Get a quoteYour offer is accepted
Apply now so the appraisal can be ordered. Send your purchase contract and documents early, and share your contract dates so we can plan around them.
How a purchase loan works
Questions
Questions from Red Bank buyers
Do you lend in Red Bank?
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 the licence on NMLS Consumer Access (opens in a new tab).
Where is your office?
Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764. Call 732-686-9999 to talk with a licensed loan officer.
When should I talk to a lender?
Before you make an offer. 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.
What changes when I buy a condominium?
A condominium needs a project review, alongside the appraisal of the unit itself. With an FHA loan, the condominium must meet FHA’s rules for its project and the unit must be your main residence, so tell your loan officer early.
I am self-employed. Do I need to send my tax returns?
Not with a bank statement loan: the statements take their place for your income. If tax returns go into the file, the loan usually has to be reviewed as a full-documentation loan, so tell your loan officer which route you want.
I am paid on 1099 forms. Can I buy my first home?
Yes. A 1099 loan uses your 1099 forms instead of tax returns, and first-time buyers can use this program. The same checks of credit, savings and the appraisal apply.
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.