Mortgage guide
Getting a mortgage in New Jersey and New York
Here is what you need before you call a lender: the 2026 loan limits for your county, the state programs that help first time buyers, the taxes due at closing, and this week's national average rate. All of it comes from official sources, with the date we checked.
Guides
Buying in NJ and NY
- New Jersey mortgage guideBuying in New Jersey: 2026 loan limits by county, NJHMFA first time buyer help, attorney review, the seller paid transfer fee and what to ask a lender.
- New York mortgage guideBuying in New York City, Westchester or Long Island: 2026 loan limits, SONYMA and HomeFirst help, co-op financing, mansion tax and NYC transfer tax.
- First time buyer programsThe main state and city programs for first time buyers in New Jersey and New York, what they offer, who qualifies and how to apply through a lender.
- 2026 loan limits by countyOfficial 2026 conforming (FHFA) and FHA (HUD) loan limits for one to four unit homes in every New Jersey and New York county and borough we cover.
- Transfer and mansion taxesWho pays what at closing in New Jersey and New York: the NJ realty transfer fee and graduated percent fee, NY transfer tax, mansion tax and NYC RPTT.
- Co-op loans in NYCHow co-op financing works in New York City: board approval, financing caps, post closing cash, recognition agreements and which programs allow co-ops.
Refinance and home equity
- Refinance your mortgageHow a mortgage refinance works in New Jersey and New York, what it costs, the 3 day right to cancel, NY's CEMA option, and how to compare lender offers.
- Cash-out refinanceHow a cash-out refinance works, the official FHA and VA limits, Fannie Mae's waiting periods, and how it compares to a HELOC or home equity loan.
- FHA streamline and VA IRRRLFHA streamline and VA IRRRL refinances can lower your rate with less paperwork. The waiting periods, benefit tests, appraisal rules and VA funding fee.
- When refinancing makes senseHow to tell if a refinance pays off: monthly savings versus closing costs, the break-even point, how long you will stay, and what resets when you start a new loan.
- HELOC vs home equity loanThe difference between a HELOC and a home equity loan: lump sum or line of credit, fixed or adjustable rate, and when each one fits better than a cash-out refinance.
- Reverse mortgages (HECM)How a HECM reverse mortgage works for owners 62 and older, the required HUD approved counseling, the 2026 maximum claim amount of $1,249,125, and New York rules.
Getting approved
- Preapproval vs prequalificationThe difference between prequalification and preapproval, what documents to gather, and why sellers and agents in New Jersey and New York ask for a preapproval letter.
- Credit score and debt to incomeHow lenders look at your credit and debt to income ratio, the federal Qualified Mortgage rules, FHA's 580 score for 3.5% down, and how to improve your numbers.
- PMI and how to remove itPrivate mortgage insurance on conventional loans, your right to cancel it at 80% of the original value, automatic termination at 78%, and how FHA mortgage insurance differs.
- Fixed rate vs ARMHow fixed rate and adjustable rate mortgages work, what the caps on an ARM mean, and questions to ask before choosing one for a New Jersey or New York home.
- Points and rate buydownsHow discount points lower your rate, how lender credits lower your closing costs, and how temporary buydowns work, with break-even math you can run yourself.
Loan types
- Jumbo loansA jumbo loan is any loan above your county's conforming limit, $1,209,750 in most of North Jersey and NYC in 2026. What lenders look for and how to prepare.
- FHA loansFHA loan limits for 2026 in every NJ and NY county we cover, the 3.5% minimum down payment, mortgage insurance and condo approval basics.
- VA loansHow VA home loans work for veterans and service members buying in New Jersey and New York: no loan limit with full entitlement, funding fee, condo approval.
- Condo loans and building approvalWhy the condo building matters as much as you do: warrantable and non-warrantable condos, FHA and VA condo approval, and what documents lenders ask the association for.
- Renovation loans: 203(k) and HomeStyleBuy and fix up a home with one loan: FHA 203(k) standard and limited ($75,000 cap), and Fannie Mae HomeStyle Renovation, which can cover up to 75% of the as-completed value.
- Construction loansHow construction loans pay a builder in draws, the difference between one-time close construction-to-permanent loans and two-step loans, and what lenders ask for.
- Bridge loansHow a bridge loan lets you use equity in your current home to buy the next one, what it costs, and other options like a HELOC or a contingent offer.
- Investment property and DSCR loansHow to finance a rental property: conventional investment loans, buying a two to four family and living in one unit, and non-QM DSCR loans based on rent.
- Second home loansWhat counts as a second home to a lender, how it is priced compared with a main home or rental, and what to know before buying a vacation home in NJ or NY.
- Self employed and bank statement loansHow self employed borrowers qualify: tax returns and business income, what lenders count, and how non-QM bank statement loans differ from standard mortgages.
- ITIN mortgagesHow buyers who file taxes with an ITIN can look for a mortgage: non-QM options some lenders offer, typical requirements, and the 2025 FHA residency change.
2026 loan limits by county
Official limits for loans made in 2026. Conforming limits are from FHFA. FHA limits are from HUD.
| County or borough | State | Conforming limit | FHA limit |
|---|---|---|---|
| Bergen County | New Jersey | $1,209,750 | $1,249,125 |
| Hudson County | New Jersey | $1,209,750 | $1,249,125 |
| Essex County | New Jersey | $1,209,750 | $1,249,125 |
| Passaic County | New Jersey | $1,209,750 | $1,249,125 |
| Union County | New Jersey | $1,209,750 | $1,249,125 |
| Morris County | New Jersey | $1,209,750 | $1,249,125 |
| Middlesex County | New Jersey | $1,209,750 | $1,249,125 |
| Mercer County | New Jersey | $832,750 | $541,287 |
| Queens | New York | $1,209,750 | $1,249,125 |
| Brooklyn | New York | $1,209,750 | $1,249,125 |
| Manhattan | New York | $1,209,750 | $1,249,125 |
| Staten Island | New York | $1,209,750 | $1,249,125 |
| Westchester County | New York | $1,209,750 | $1,249,125 |
| Nassau County | New York | $1,209,750 | $1,249,125 |
One unit homes shown. Two to four unit limits are in the official files linked below. A loan above the conforming limit is a jumbo loan. Checked against the official files on 2026-11-01.
Questions people ask
- What is the 2026 conforming loan limit in North Jersey and New York City?
- For a one unit home it is $1,209,750 in every NJ and NY county on this site except Mercer County, NJ, where it is $832,750. Source: FHFA.
- Do you lend money or set rates?
- No. We are not a lender and we do not quote rates. Lenders you see on this site paid for a labeled ad spot. Compare more than one lender before you choose.
- Can you connect me with a real estate agent who knows my town?
- Yes. We match you with one vetted local agent for free, usually within 24 to 48 hours.
- How often is this page updated?
- Loan limits change once a year, usually in late November for the next year. We re-check the official files when they change. The weekly average rate updates when Freddie Mac publishes it, usually on Thursdays.
Official sources
- FHFA, Conforming Loan Limit Values ↗
- HUD, FHA Mortgage Limits ↗
- Freddie Mac, Primary Mortgage Market Survey ↗
- New Jersey Housing and Mortgage Finance Agency (NJHMFA) ↗
- New York State HCR, SONYMA programs ↗
- NYC HPD, HomeFirst Down Payment Assistance ↗
Facts checked 2026-11-01. General information, not financial, legal or tax advice. We are not a lender.