Self-Employed loan snapshot for New Jersey
| Item | Estimate |
|---|---|
| Minimum down payment | 3%–10% |
| Minimum credit score | 620–660 |
| Typical NJ home value | $427,600 |
| 3.5% down on typical home | $14,966 |
| 20% down on typical home | $85,520 |
| Avg. effective property tax | 2.23%/yr (~$795/mo) |
| Income for typical home (31% rule) | $153,000 |
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
Which New Jersey programs pair with Self-Employed loans?
- First-Time Homebuyer Mortgage Program: A fixed-rate first mortgage for eligible first-time buyers.
- Down Payment Assistance Program: Forgivable assistance (up to a set dollar amount) paired with an NJHMFA first mortgage.
Details and current limits: New Jersey Housing and Mortgage Finance Agency (NJHMFA).
What documents do self-employed borrowers need?
- Two years of personal federal tax returns (all schedules).
- Two years of business returns (1120S, 1065 or 1120) if applicable.
- Year-to-date profit and loss statement.
- Business license or CPA letter verifying the business.
- Recent personal and business bank statements.
Full-doc vs bank-statement loans
| Full documentation | Bank-statement (non-QM) | |
|---|---|---|
| Income source | Tax returns | 12–24 months of deposits |
| Down payment | 3%–5%+ | Usually 10%+ |
| Rate | Market | Typically higher |
Self-Employed loans in New Jersey cities
NewarkJersey CityPatersonElizabethToms RiverEdisonTrentonCliftonCamdenHamiltonBayonneLakewoodPassaicEast OrangeUnion CityVinelandHobokenNew BrunswickPerth AmboyPlainfieldWest New YorkHackensackSayrevilleSicklervilleLindenKearnyFort LeeAtlantic CityFair LawnGarfieldLong BranchWestfieldPrincetonRahwayEnglewoodBergenfieldOld BridgeMillvilleBridgetonParamusRidgewoodLodiCliffside ParkCarteretSouth PlainfieldSomersetGlassboroNorth PlainfieldSummitRoselleHillsboroughParsippanyLindenwoldSecaucusElmwood ParkPleasantvilleMorristownPalisades ParkWoodbridgeHarrisonHawthorneTinton FallsPoint PleasantIselinRutherfordOcean AcresPreaknessDoverColoniaDumontAvenelNew MilfordMadisonNorth ArlingtonSouth RiverSpringdalePrinceton MeadowsTenaflyPhillipsburgAsbury ParkMetuchenHighland ParkFairviewWilliamstownCherry Hill MallHammontonRamseyEdgewaterMoorestown-LenolaMiddlesexHopatcongShort HillsBradley GardensWest FreeholdCollingswoodRoselle ParkWestmontMercervilleEchelonNew ProvidenceEatontownFranklin ParkWoodland ParkRidgefield ParkFlorham ParkFordsSomervilleHoliday City-BerkeleyRed BankOaklandFreeholdHaddonfieldUpper MontclairPennsvilleGlen RockHasbrouck HeightsRiver EdgeBound BrookMartinsvilleRobertsvilleWallingtonBellmawrHamilton SquareGuttenbergRingwoodGloucester CityRidgefieldOcean CityWestwoodWanaqueGreentreeFranklin LakesPompton LakesBeachwoodLittle FerryTotowaLincoln ParkManvilleOak RidgeMcKee CityPompton PlainsKendall ParkPine HillThe HillsMarltonSomers PointLake HiawathaLake HopatcongEast FranklinBlackwells MillsEast RutherfordHackettstownBudd LakeWood-RidgeWaldwickHillsdaleBrookdaleMaywoodWhite Horse
Frequently asked questions
Yes. Self-Employed loans are available statewide in New Jersey through approved lenders, subject to county loan limits where they apply.
Often yes. New Jersey Housing and Mortgage Finance Agency (NJHMFA) and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.
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Get My MatchesFigures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.