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Home values in most New Jersey towns and cities rose steadily during 2017. This prompted the Federal Housing Finance Agency (FHFA) to raise the conforming loan limits for all counties in New Jersey, for 2018. So the jumbo mortgage threshold went up as well. Additionally, the Department of Housing and Urban Development (HUD) increased the limits for FHA loans in New Jersey.
2018 Conforming & VA Loan Limits for New Jersey
A conforming loan is one that meets or “conforms” to the size restrictions used by Fannie Mae and Freddie Mac, the government-sponosored corporations that buy mortgages from lenders. Veterans Affairs (VA) home loans have the same limits as conforming mortgage products, at least for 2018.
Here are the 2018 VA and conforming loan limits for all New Jersey counties: