Jumbo mortgage loans in New Jersey are a great way for homebuyers to finance larger home purchases than FHA loan limits.
You’re our first priority. We want you to understand how we make money. This post may contain affiliate links. Biglaw Investor may receive a commission at no additional cost to you if you click on the links in this article. This may influence which products we write about and where and how the products appear on a page. However, it does not influence our evaluations. Our opinions are our own. In some circumstances, if you work with us, we are able to provide an incentive to work with our advertising partners that is unavailable if you work with our advertising partners directly. Our partners cannot pay us to guarantee favorable reviews of their products or services. To read more about how we make money, click here.
JD MORTGAGE® connects you with lenders offering low to no down payment mortgages designed specifically for high-income professionals. We find the lenders that allow jumbo loan balances, relaxed debt-to-income ratios and typically do not require private mortgage insurance (PMI).
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best mortgage for your home financing needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
New Jersey is a lively and bustling area of the country, known for its lovely coastlines, charming diners and lush, green parks. It used to be considered significantly cheaper than its more expensive cousins New York and Connecticut, but residents are starting to notice that housing prices are increasing dramatically in many New Jersey counties like Somerset, Hunterdon, Monmouth and Essex County.
Whether you live in a smaller town, a beach community like Cape May or over the river within commuting distance of New York City, home prices in New Jersey are on the rise. According to the New Jersey Association of Realtors, the median sale price of a home in the New Jersey real estate market is $551,028 While that number is well below the jumbo loan limit in New Jersey, the state still has plenty of jumbo mortgage activity.
For the most recent year, the HDMA data places New Jersey 10th in the country in terms of mortgage origination activity, with a total of $13.92 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in New Jersey, you’ll be among good company.
The jumbo loan limit in New Jersey for most counties is $726,200. For counties along the coast and near NYC, the jumbo loan limit is $1,089,300. Any loan that exceeds either $726,200 or $1,089,300 is a jumbo loan, depending on the county.
| New Jersey County | New Jersey Jumbo loan (1-unit) | New Jersey Conforming loan limit (1-unit) | New Jersey FHA loan limit (1-unit) |
|---|---|---|---|
| Atlantic | $726,200+ | $726,200 | $420,680 |
| Bergen | $1,089,300+ | $1,089,300 | $970,800 |
| Burlington | $726,200+ | $726,200 | $477,250 |
| Camden | $726,200+ | $726,200 | $477,250 |
| Cape May | $726,200+ | $726,200 | $489,900 |
| Cumberland | $726,200+ | $726,200 | $420,680 |
| Essex | $1,089,300+ | $1,089,300 | $970,800 |
| Gloucester | $726,200+ | $726,200 | $477,200 |
| Hudson | $1,089,300+ | $1,089,300 | $970,800 |
| Hunterdon | $1,089,300+ | $1,089,300 | $970,800 |
| Mercer | $726,200+ | $726,200 | $420,680 |
| Middlesex | $1,089,300+ | $1,089,300 | $970,800 |
| Monmouth | $1,089,300+ | $1,089,300 | $970,800 |
| Morris | $1,089,300+ | $1,089,300 | $970,800 |
| Ocean | $1,089,300+ | $1,089,300 | $970,800 |
| Passaic | $1,089,300+ | $1,089,300 | $970,800 |
| Salem | $726,200+ | $726,200 | $477,250 |
| Somerset | $1,089,300+ | $1,089,300 | $970,800 |
| Sussex | $1,089,300+ | $1,089,300 | $970,800 |
| Union | $1,089,300+ | $1,089,300 | $970,800 |
| Warren | $726,200+ | $726,200 | $420,680 |
If you’re in the market for a home in New Jersey, consider these jumbo mortgage loans that are available to state residents.
Fulton Bank is a subsidiary of Fulton Bank, a financial institution that traces its roots back to 1882. The bank and mortgage company offer a full suite of financial products, including an attractive jumbo loan program.
We contacted Fulton Bank to get more details about the jumbo mortgage specifically and we think you’re going to like a lot of the terms. Here are the important details:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.
Keybank has over $170 billion in assets and is the 24th largest bank in the United States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular mortgage lender among borrowers throughout the country. One of their key financial products is a jumbo mortgage loan.
We contacted Keybank to learn more about their jumbo loan mortgage and here are the key terms and highlights:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.
We contacted a loan officer at Huntington Bank to gather information about the jumbo mortgage program and here’s what we heard back:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.
We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
TD Bank is a huge bank with deposits over $600 billion, putting it as the sixth largest bank in the United States. You don’t grow that large without having a competitive jumbo loan product.
We spoke to a loan officer at TD Bank to learn more about their jumbo loan program and thought they had some unique features. Here are the basics:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.
We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage rates. Here are the highlights:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
There are a number of benefits to getting a jumbo loan in New Jersey. One of the most important is that they can increase your purchasing power, giving you more room to move in the competitive New Jersey housing market.
Jumbo loans are “non-conforming” loans, meaning they are not held to the same limits as conventional loans. The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac (the two government-sponsored home loan entities that buy most of the home mortgages made in the U.S. from lenders and resell them to private investors) sets the conforming loan limits.
With a conventional mortgage in Ocean County, for example, you would not be able to finance a home overground 900k without putting down a large upfront cash payment or taking out multiple loans. As prices creep up, many in New Jersey are enjoying the advantages that come with financing a home through a single loan with a jumbo mortgage.
While they can open a lot of doors, it’s important to note that not everyone will be able to benefit from a jumbo loan. These types of loans come with stricter requirements, given the risk exposure to the lender and sometimes have higher interest rates.
To see if you qualify for a jumbo loan in New Jersey, lenders will typically look at the following factors:
While these standards are high, they do come with many benefits, especially in New Jersey.
If you want to find the best jumbo loans in other states, click on your state below.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
One email each week covers personal finance, financial independence, investing and other stuff for lawyers that makes you better.
Biglaw Investor is helping thousands of lawyers manage and eliminate student loans and make great investment decisions. We’re on a mission to help every lawyer achieve financial independence.