FHA 203(k) Standard
For larger projects, including structural repairs and additions, with a HUD-approved consultant. For the home you live in.
New Jersey
Renovation loans in New Jersey
A renovation loan pays for the home and the repairs or improvements it needs, with a single closing, based on what the home will be worth when the work is done. We offer FHA 203(k) and conventional renovation loans in Monmouth County, along the Jersey Shore and across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Start your renovation loan
Read how it works, 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).
Older homes often need work before or after you buy, and a licensed loan officer can tell you which renovation option fits the job before you make an offer.
The basics
How a renovation loan works
- One loan, one closing. It pays for a home and the work it needs, or refinances the home you own and pays for the work.
- Sized on the finished value. The appraiser values the home as it will be when the work is finished.
- Paid in stages. The money for the work is held by the lender and paid to your contractor as an inspector confirms each stage.
- What it can pay for: repairs such as a roof, heating, plumbing or electrical work; updates such as a kitchen, bathrooms, floors or windows; larger projects under the programs that allow them.
- Not for tear-downs, cash out, or buying to renovate and sell, which is a fix and flip loan.
Your options
FHA 203(k) and conventional renovation loans
The right one depends on the size of the job, whether the work is structural, and how you will use the home.
FHA 203(k) Limited
For smaller, non-structural work up to a limit HUD sets; the home must be livable at closing. For the home you live in.
HomeStyle and CHOICERenovation
Fannie Mae’s and Freddie Mac’s conventional renovation loans, for a main home and, in some cases, a one-unit second home or a rental property.
Questions
Questions from New Jersey homeowners and buyers
Do you offer renovation 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.
Do you offer FHA 203(k) loans in New Jersey?
Yes. We offer the FHA 203(k) Standard and Limited loans and the conventional Fannie Mae HomeStyle Renovation and Freddie Mac CHOICERenovation loans.
Does my contractor need to be licensed?
Yes. Choose a licensed, insured contractor who is not related to you. They give an itemized bid with permits and a payment schedule.
How long does a renovation loan take to close?
Often about three to four weeks once the file is complete; the contractor’s bid and the as-completed appraisal set the pace.
Ready to talk about your project?
Get a quote online, or call and plan the work 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.