High-cost counties in New Jersey
12 counties have a loan limit above the national baseline of $832,750. Every other county in New Jersey uses the baseline.
| County | 1 unit | 2 units | 4 units |
|---|---|---|---|
| Bergen | $1,209,750 | $1,548,975 | $2,326,875 |
| Essex | $1,209,750 | $1,548,975 | $2,326,875 |
| Hudson | $1,209,750 | $1,548,975 | $2,326,875 |
| Hunterdon | $1,209,750 | $1,548,975 | $2,326,875 |
| Middlesex | $1,209,750 | $1,548,975 | $2,326,875 |
| Monmouth | $1,209,750 | $1,548,975 | $2,326,875 |
| Morris | $1,209,750 | $1,548,975 | $2,326,875 |
| Ocean | $1,209,750 | $1,548,975 | $2,326,875 |
| Passaic | $1,209,750 | $1,548,975 | $2,326,875 |
| Somerset | $1,209,750 | $1,548,975 | $2,326,875 |
| Sussex | $1,209,750 | $1,548,975 | $2,326,875 |
| Union | $1,209,750 | $1,548,975 | $2,326,875 |
Disabled veteran property tax in New Jersey
Full exemption on the primary residence for a veteran certified 100 percent permanently and totally disabled.
On a $400,000 home, New Jersey property tax runs about $8,920 a year at the state average rate of 2.23 percent. For a veteran rated 100 percent permanent and total that entire bill goes to zero.
Two things catch people out, New Jersey included. The exemption is not automatic, you file with your county assessor, usually with a VA benefits summary letter showing your rating. And deadlines are local, often early in the tax year. Full detail for every state is on our property tax exemption calculator.
Residual income in New Jersey
Debt to income gets the attention, but residual income is what actually approves or kills a VA file. It is the money left over each month after your mortgage, every debt, income taxes, childcare and estimated home maintenance. New Jersey sits in the VA Northeast region.
| Household size | Minimum left over each month |
|---|---|
| 1 person | $450 |
| 2 people | $755 |
| 3 people | $909 |
| 4 people | $1,025 |
| 5 people | $1,062 |
Add $80 for each person beyond five. If your debt to income ratio is above 41 percent, the requirement rises by 20 percent. Run yours on the residual income calculator.
Buying a duplex or fourplex in New Jersey
A VA loan can buy up to four units with zero down as long as you live in one of them, and rent from the other units counts toward qualifying at roughly 75 percent of market value. The limit rises with unit count: $832,750 for a single family, $1,066,250 for a duplex and $1,601,750 for a fourplex at baseline. See the entitlement calculator.
Frequently asked questions
What is the VA loan limit in New Jersey?
With full entitlement there is no VA loan limit in New Jersey at all. If part of your entitlement is tied up in another loan, the county conforming limit applies, starting at $832,750 for a single family home. 12 New Jersey counties sit above that.
Do disabled veterans pay property tax in New Jersey?
New Jersey is a full exemption state. A veteran rated 100 percent permanent and total pays no property tax at all on their primary residence. On a $400,000 home that is about $8,920 a year saved.
How much residual income do I need for a VA loan in New Jersey?
New Jersey sits in the VA Northeast region. A family of three needs $909 left over each month after the mortgage, all debts, taxes and estimated maintenance. It rises with family size, and by 20 percent if your debt to income ratio is above 41 percent.
Can I buy a home in New Jersey with no money down?
Yes. A VA loan requires no down payment and charges no monthly mortgage insurance, in New Jersey or anywhere else. A one-time funding fee applies, waived entirely if you receive VA disability compensation at 10 percent or higher.
What is the average property tax rate in New Jersey?
New Jersey averages about 2.23 percent of home value a year, roughly $8,920 on a $400,000 home before any veteran exemption. That falls to zero for a 100 percent rated veteran.
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