Bergen County NJ FHA Loan Limits
More New Jersey families are eligible this year to purchase or refinance their homes using affordable, FHA-insured mortgages, thanks to the economic stimulus package signed into law by President Obama.
The American Recovery and Reinvestment Act of 2009 allows HUD’s Federal Housing Administration (FHA) to temporarily increase its loan limits and insure larger mortgages at a more affordable price in high cost areas of the country.
Beginning earlier this year, HUD offered temporary FHA loan limits that ranges from $271,050 to $729,750. The maximum amount of $729,750 will only be applicable to extremely high-cost metropolitan areas such as: Northern New Jersey, New York, Los Angeles, San Francisco and Washington, D.C.
Many first time homebuyers are attracted to FHA-insured loans because the agency requires only a 3.5% down payment.
The increases will also benefit senior citizens who qualify for FHA-insured reverse mortgages. Reverse mortgages allow homeowners age 62 and older to borrow against the value of their homes without selling them. Homeowners can select a lump-sum payment, monthly payments or tap into a line of credit. No repayment is required as long as a homeowner lives in a home with a reverse mortgage. The reverse mortgage is repaid, with interest, when a homeowner sells the home or dies.
Purchasing your dream home has never been easier with FHA loans available up to 96.5% of the purchase price for qualified borrowers.
Check the table below for the loan limits in different New Jersey counties.
| FHA Loan Limits in New Jersey: |
||||
|---|---|---|---|---|
| County Name | One-Family | Two-Family | Three-Family | Four-Family |
| ATLANTIC | $453,750 | $580 ,850 | $702,150 | $872,600 |
| BERGEN | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| BURLINGTON | $420,000 | $537,650 | $649,900 | $807,700 |
| CAMDEN | $420,000 | $537,650 | $649,900 | $807,700 |
| CAPE MAY | $487,500 | $624,100 | $754,350 | $937,500 |
| CUMBERLAND | $405,000 | $518,450 | $626,700 | $778,850 |
| ESSEX | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| GLOUCESTER | $420,000 | $537,650 | $649,900 | $807,700 |
| HUDSON | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| HUNTERDON | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| MERCER | $440,000 | $563,250 | $680,850 | $846,150 |
| MIDDLESEX | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| MONMOUTH | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| MORRIS | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| OCEAN | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| PASSAIC | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| SALEM | $420,000 | $537,650 | $649,900 | $807,700 |
| SOMERSET | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| SUSSEX | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| UNION | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| WARREN | $402,500 | $515,250 | $622,850 | $774,050 |
Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.
If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available…regardless of your credit!
I hope you have enjoyed this blog.
Until next time,
P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey office in Bergen County at 201-943-6800 with any questions you have.
P.P.S. CLICK HERE to check out our FREE Credit Repair Program.
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