For 28+ years I have helped New Jersey buyers structure financing that fits the local reality, from Bergen County jumbo buyers in Tenafly and Demarest, to Manhattan-commuter consultants needing bank statement jumbo, to first-time buyers in Hackensack and Fort Lee using NJHMFA DPA. I am Ken Clark Jr., NMLS #225375, Certified Mortgage Advisor and Branch Manager with PRMG Mortgage (NMLS #75243).
FHA-insured mortgages with 3.5% down guideline. Common in Bergen County for first-time buyers in Hackensack, Fort Lee condos, and lower-priced markets. Subject to FHA condo approval where applicable. FHA loan details →
$0 down with full entitlement, no monthly MI. PRMG is VA-approved. Bergen County has a strong veteran community given proximity to military medical facilities and federal employment. VA loan details →
Fannie Mae and Freddie Mac conforming and high-balance. Bergen County's high-balance limit is approximately $1.2M or more for one-unit properties in 2026 (verify the current year figure at FHFA). Eligibility is driven by the automated underwriting decision (Desktop Underwriter or Loan Product Advisor) rather than a fixed credit minimum. Conventional details →
For Bergen County properties above the high-balance limit. Common in Tenafly, Demarest, Saddle River, Alpine, Franklin Lakes. Typically 10-20% down, 700+ credit, reserves required. Jumbo details →
Interest-free, no-payment second mortgage that may be forgiven after 5 years, with amount set by county (NJHMFA publishes up to $15,000 depending on county). First-generation buyers may layer the separate NJHMFA First Generation program to reach as much as $22,000 combined. Pairs with NJHMFA first mortgage. Subject to current NJHMFA funding and program guidelines. NJHMFA typically requires 620 or higher credit. NJHMFA details →
FHA 203k and Fannie Mae HomeStyle for buyers eyeing older Bergen County housing stock that needs work, common in Hackensack, parts of Englewood, and historic Ridgewood. Renovation details →
Strong fit for Bergen County's Manhattan-commuter consultant population whose tax returns understate true cash flow. Bank statement jumbo and DSCR loans for investor portfolios both available. Non-QM details →
Rate-and-term, cash-out, FHA streamline, VA IRRRL. PRMG's 5-Day HELOC for fast equity access without replacing your first. Strong NJ application given high property values and equity build. Refinance details →
New Jersey has the highest effective property tax rates in the country. Bergen County specifically averages 2.2-2.5%, with select municipalities (Tenafly, Demarest, Englewood Cliffs, Cresskill) reaching 3%+. This is fundamentally different from CA, TX, or southern markets, and it materially shifts the affordability math.
Real example: On a $850,000 Tenafly home at a 2.6% effective rate, property tax escrow alone is approximately $1,840/month, before principal, interest, insurance, or HOA. Modeling a Bergen County purchase budget without the specific town's effective rate produces surprises at closing.
Programs that help: NJ Senior Freeze (for qualifying seniors), Homestead Benefit (income-qualified), and ANCHOR property tax relief reduce the after-payment burden but do not lower the escrow amount. Always budget gross monthly with full property tax first, then layer any benefits.
Plus all 21 NJ counties through PRMG.
Fort Lee, Cliffside Park, Edgewater, Fairview, Palisades Park, Leonia, Englewood, Englewood Cliffs.
Tenafly, Demarest, Closter, Cresskill, Alpine, Norwood, Northvale, Old Tappan.
Hackensack, Teaneck, Fair Lawn, Glen Rock, Ridgewood, Paramus, Maywood, Bogota, Bergenfield.
Mahwah, Franklin Lakes, Wyckoff, Saddle River, Upper Saddle River, Ho-Ho-Kus, Allendale, Ramsey.
Rutherford, East Rutherford, Carlstadt, Lyndhurst, North Arlington, Wallington.
Bergen County has unique financing dynamics: high-cost-area conforming limits (often $1.2M+), heavy jumbo activity, NJ effective property tax of 2-3%+ that materially affects monthly payment, and a Manhattan-commuter borrower base often self-employed or with complex income. A lender familiar with these specific dynamics typically structures stronger Bergen County deals than a generic national online lender.
Bergen County is designated a high-cost area by the FHFA. The 2026 conforming high-balance limit for one-unit properties in Bergen, Hudson, and Passaic counties is approximately $1.2M+ (verify current FHFA limit). Loans above that are jumbo. Loans below the baseline (approximately $806,500) are standard conforming.
New Jersey has the highest effective property tax rates in the country, averaging 2.2-2.5% with some Bergen County municipalities reaching 3%+. On a $750,000 Bergen County home at 2.4%, property tax alone is approximately $1,500/month before P&I, insurance, or HOA. Always model your specific town's rate when budgeting.
NJHMFA DPA Loan is an interest-free, no-payment second mortgage that may be forgiven after five years in the home, with the amount set by the county where you're buying (NJHMFA currently publishes amounts up to $15,000 depending on county). It must be paired with an NJHMFA first mortgage. Eligible first-generation buyers may also layer the separate NJHMFA First Generation program, which can bring the combined assistance to as much as $22,000. Amounts, county tiers, and availability are set by NJHMFA and subject to current funding and program guidelines. Final eligibility is subject to underwriting. Bergen County first-time buyers may qualify if income, credit, and property meet program guidelines. NJHMFA programs typically require 620 or higher credit.
Yes. Bergen County has a significant Manhattan-commuter consultant and small-business-owner population. Bank statement jumbo loans, P&L-only programs, and full-doc jumbo with add-backs are all options. The right structure depends on documentation strength, business structure, and target down payment. Eligibility subject to lender overlays and underwriting.
20 minutes on the phone. No pressure. Walk away with a clear picture of your real options, the actual property tax math for your target town, and the right loan structure.
Compliance: This page is for educational purposes only and is not a commitment to lend or guarantee of approval. Loan programs, rates, terms, eligibility, and program availability are subject to change and depend on credit, income, assets, property, occupancy, location, and underwriting. Not all borrowers will qualify. Payment, cash-to-close, and timeline references are estimates only. Individual results vary.
Equal Housing Opportunity. PRMG Mortgage. NMLS #75243. Ken Clark Jr. NMLS #225375. PRMG is licensed in 49 states, excluding New York.