Secure a VA Mortgage in New Jersey

Veterans who live or want to live in New Jersey are able to finance their home purchase or refinances with the New Jersey VA loan option.  All VA loans are backed by the faith and reliability of the Department of Veteran Affairs (VA) and provide multiple benefits to veterans.

Jump to: Eligibility | Loan Limits

What is the VA Loan?

The VA loan is a unique and specialized loan program that helps veterans attain the funding they need to purchase homes and build wealth through homeownership.  The VA itself does not offer loans, however.  All loans come through private lenders.  The loans these lenders provide to veterans are secured by the VA, which eliminates some of the risk.  This allows lenders to offer positive, competitive terms and rates to veterans.

VA Loan Benefits in New Jersey

Some of the common benefits that veterans can take advantage of within the VA loan program are listed here.

• No down payment is required.
• Private mortgage insurance is not needed.
• Low credit scores and low income are acceptable.
• You don’t need extensive cash reserves to qualify.
• You can fold the closing fees into the loan.

There are other benefits available as well, but these are the most common and often the most compelling.

VA Loan Requirements and Eligibility

The requirements for VA loan eligibility are not difficult to meet.  But they can only be met by veterans.  This is because the primary requirement is veteran status.

You must be an American citizen and a veteran, have served at least 90 continuous days of active duty without a dishonorable discharge, and should have a 620 credit score at least.  If this is you, you’re ready for a VA loan.  Get your certificate of eligibility form the VA department and get in touch with a VA loan specialist in New Jersey to help you with your mortgage planning and application.

VA Refinance

VA loans are commonly used to refinance mortgages.  This is especially useful and beneficial when you utilize a New Jersey VA Streamline refinance, or the VA IRRRL.  A lower interest rate can save you a lot of money if you’re able to refinance.  You’ll have to do some research and contact a lender in order to ensure that mortgage rates are where they need to be for you to benefit from this refinance.  If so, you’ll be able to use the VA IRRRL's streamlined process to shift your debt into a refinance mortgage without many of the fees and paperwork requirements typically connected with a refinance.

Another refinance option is the VA Cash-Out, which enables qualifying borrowers to access 100% of their home equity as cash. For VA-eligible borrowers who do not currently have a VA loan, the Cash-Out will allow for the transition into a VA mortgage. 

New Jersey VA Mortgage Rates

 When preparing for a VA loan, the most important thing to pin down is a low mortgage rate.  This is the most important aspect of your loan.  A high mortgage rate will make your mortgage unbearable.  A low rate can save you thousands of dollars.  Check with several lenders in New Jersey and find out what their rates are.  Don’t move forward with a VA loan until you’ve secured and locked in one of the best mortgage rates you can qualify for.

VA Lenders in New Jersey

The form above will put you in touch with up to four local lenders when you fill it out.  This is a great way to get started on the research that you’ll need to do in order to secure the best deal on your VA loan.  Don’t forget to find out what the VA loan limits are in your area as well.  If you need more information, you can contact the Department of Veteran Affairs.

New Jersey Military Information

There are six active military installations in the state of New Jersey: McGuire Air Force Base, Fort Dix, Fort Monmouth, Picatinny Arsenal, Coast Guard Training Center Cape May, and Lakehurst Naval Air Engineering Station.  These military bases are where most VA home loan applicants in New Jersey are from.

VA Loan Lending Limits in New Jersey

Below is the list of the maximum VA loan limits for counties in New Jersey:

County	Loan Limit
ATLANTIC	$417,000
BERGEN	$625,500
BURLINGTON	$417,000
CAMDEN	$417,000
CAPE MAY	$417,000
CUMBERLAND	$417,000
ESSEX	$625,500
GLOUCESTER	$417,000
HUDSON	$625,500
HUNTERDON	$625,500
MERCER	$417,000
MIDDLESEX	$625,500
MONMOUTH	$625,500
MORRIS	$625,500
OCEAN	$625,500
PASSAIC	$625,500
SALEM	$417,000
SOMERSET	$625,500
SUSSEX	$625,500
UNION	$625,500
WARREN	$417,000

Lenders in: New Jersey.