New Jersey VA Loans
Deciding to purchase a house in New Jersey is a huge financial decision, but with the unique benefits provided by the VA loan, your dream of homeownership just got that much easier.
With the average listing price of a home in New Jersey landing at $451,559, the VA loan’s signature $0-money-down benefit is a considerable advantage for New Jersey homebuyers.
How to get a VA Loan in New Jersey
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance. For example, if you're purchasing a home in Paterson, NJ, you'll need to find a lender licensed in New Jersey to do the loan.
See also: VA Loan Eligibility Requirements
Other Considerations for Getting a VA Loan in New Jersey
VA borrowers in New Jersey should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
New Jersey VA Loan Limits
As of January 1, 2020, VA borrowers in New Jersey with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, veterans without their full VA loan entitlement are still bound to New Jersey’s VA loan limits.
New Jersey VA Loan Limits by County
| County | Loan Limit |
|---|---|
| Bergen | $1,089,300 |
| Essex | $1,089,300 |
| Hudson | $1,089,300 |
| Hunterdon | $1,089,300 |
| Middlesex | $1,089,300 |
| Monmouth | $1,089,300 |
| Morris | $1,089,300 |
| Ocean | $1,089,300 |
| Passaic | $1,089,300 |
| Somerset | $1,089,300 |
| Sussex | $1,089,300 |
| Union | $1,089,300 |
| All other areas | $726,200 |
Property Taxes in New Jersey
Another consideration for VA buyers in New Jersey is property taxes. For certain VA buyers, there are exemptions.
You may be eligible for a property tax exemption in New Jersey if you meet one of the following conditions:
- If you are a 100% disabled veteran as a result of wartime service you may receive a full property tax exemption on your primary residence.
If you are required to pay property tax in New Jersey, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
Property Tax Rates in New Jersey
| County | Property Tax Rate |
|---|---|
| Atlantic | 1.72% |
| Bergen | 1.76% |
| Burlington | 2.06% |
| Camden | 2.50% |
| Cape May | 1.12% |
| Cumberland | 2.13% |
| Essex | 2.05% |
| Gloucester | 2.27% |
| Hudson | 1.67% |
| Hunterdon | 1.91% |
| Mercer | 2.02% |
| Middlesex | 1.76% |
| Monmouth | 1.63% |
| Morris | 1.62% |
| Ocean | 1.47% |
| Passaic | 1.97% |
| Salem | 2.21% |
| Somerset | 1.81% |
| Sussex | 1.90% |
| Union | 1.87% |
| Warren | 1.92% |
How VA Loans Work in New Jersey
View the graphic below to learn more about how VA loans work in New Jersey.
