Housing (Mortgages) in New Jersey

in committee · New Jersey · General Assembly Jan 13, 2026

A 3248: Prohibits certain institutional investors from purchasing or acquiring single-family homes.

This bill would generally prohibit "institutional investors" (large investment firms or entities controlling multiple properties) from purchasing or acquiring single-family homes in New Jersey, including townhomes. It defines "institutional investor" to exclude small investors owning four or fewer homes, nonprofits providing affordable housing, family trusts, and entities acquiring homes through foreclosure or eminent domain. The law applies to all single-family home purchases unless exempted under specific provisions, such as for nonprofits serving affordable housing or small-scale investors. It does not affect individual homebuyers or most standard real estate transactions.

Topics ✓ Housing

Sub-Topics Affordable Housing Mortgages

in committee · New Jersey · General Assembly Jan 13, 2026

A 3479: Establishes mortgage payment relief and foreclosure protection for certain homeowners impacted by the remnants of Hurricane Ida.

This New Jersey bill provides temporary mortgage relief to homeowners directly impacted by Hurricane Ida's 2021 flooding. It requires mortgage servicers to grant a one-year payment pause (forbearance) to eligible homeowners who received federal disaster aid for storm-damaged primary residences, meet income limits (under 150% of median income), and have limited savings. During this period, servicers cannot charge fees, penalties, or report negative credit information, and must halt foreclosure actions. The relief applies only to those who obtained FEMA or similar federal assistance for damage sustained to their homes.

Topics ✓ Housing

Sub-Topics Mortgages

in committee · New Jersey · General Assembly Jan 13, 2026

A 741: Prohibits certain financial institutions from requiring certain disabled veterans to include anticipated property tax obligations as part of mortgage applications.

This bill prohibits New Jersey financial institutions (state-chartered banks, mortgage companies, and credit unions) from requiring disabled veterans or their surviving spouses to disclose annual property tax obligations when applying for a mortgage on their primary residence. It applies specifically to "qualified veterans" (100% service-connected disability) and their surviving spouses who qualify for the disabled veterans' property tax exemption. Financial institutions must instead obtain a certification from the municipal assessor confirming the applicant meets all exemption eligibility requirements except property ownership (for new homes) or including ownership (for refinancing). The bill streamlines the mortgage process by removing this tax disclosure requirement, using a standardized form for assessor certifications.

Topics ✓ Housing ✓ Veterans

Sub-Topics Mortgages Property Taxes Veteran Healthcare

in committee · New Jersey · Senate Jan 13, 2026

S 1648: Requires DMVA to provide mortgage loan counseling under certain circumstances.

This bill requires New Jersey mortgage lenders to provide a disclosure form with each loan application, informing veterans seeking housing loans under the G.I. Bill (Servicemen's Readjustment Act) that counseling services are available. It mandates the Department of Military and Veterans' Affairs (DMVA) to refer eligible veterans to the New Jersey Housing and Mortgage Finance Agency (NJHMFA) for free mortgage counseling. The counseling must review loan terms, provide G.I. Bill-specific guidance, and include any federally required information. It directly affects veterans in New Jersey applying for G.I. Bill-backed home loans and applies to all residential mortgage lenders originating such loans in the state.

Topics ✓ Housing ✓ Veterans

Sub-Topics Housing Finance Mortgages Veteran Housing

in committee · New Jersey · Senate Jan 13, 2026

S 2708: Revises oversight of "Community Wealth Preservation Program" and requirements for nonprofit community development corporations.

This bill (S 2708) revises New Jersey's foreclosure sale procedures to better protect homeowners and nonprofit community development corporations. It requires sheriffs to hold sales within 150 days, sets strict rules for notifying buyers about "upset prices" (with a 3% maximum increase), and prohibits lenders from delaying sales when nonprofits or homeowners intend to participate. Key provisions include a reduced 3.5% deposit requirement for qualifying buyers (such as nonprofits, tenants, or homeowners who will occupy the property for 84+ months) and mandates that lenders disclose property occupancy status before sale. These changes directly affect sheriffs conducting sales, lenders initiating foreclosures, homeowners facing eviction, and nonprofit community development corporations seeking to preserve affordable housing.

Topics ✓ Housing

Sub-Topics Affordable Housing Community Development Mortgages

in committee · New Jersey · Senate Jan 13, 2026

S 2191: Expands liability of certain individuals associated with limited liability companies and other commercial entities, when acting as residential landlord.

New Jersey's S 2191 would make individual owners, managers, and officers of LLCs and corporations personally liable for unpaid housing, building, or health code violations when acting as residential landlords. It applies if three or more charges remain unpaid 13 months after the first due date, after proper notice is sent to all relevant parties (including mortgage holders). The bill requires the individual to hold at least a 10% ownership stake in a member-managed LLC or serve as a director/officer, with a defense available if they couldn't influence payment. This expands liability beyond the entity itself to specific individuals under defined conditions. The bill is currently pending in the Senate (introduced January 13, 2026).

Topics ✓ Housing

Sub-Topics Landlords Mortgages

in committee · New Jersey · Senate Jan 13, 2026

S 1451: Enhances access to certain foreclosure counseling services.

This bill requires mortgage lenders in New Jersey to provide detailed foreclosure notices that explicitly inform borrowers of free housing counseling services through the Foreclosure Mediation Program. It directly affects residential mortgage debtors facing foreclosure, particularly those with properties subject to affordability restrictions. The key provision mandates that notices include specific information about accessing no-cost counseling, regardless of whether the borrower participates in mediation. This expands access by requiring lenders to include contact details for the program and clarify that counseling is available at no cost to the debtor. The bill amends existing foreclosure notice requirements under P.L.1995, c.244 and P.L.2019, c.64.

Topics ✓ Housing

Sub-Topics Mortgages

in committee · New Jersey · Senate Jan 13, 2026

S 2671: Concerns mortgage and loan forbearance, rent suspension, and consumer reporting during coronavirus disease 2019 pandemic.

This New Jersey bill (S 2671) pauses mortgage and rent payments for affected residents and small businesses during the pandemic emergency. It requires property owners to grant 90-day mortgage forbearance (extendable to 180 days total) without proof of hardship, and landlords to suspend rent for residential tenants and small business commercial tenants for up to 180 days total, with no fees or penalties. The bill also prohibits foreclosures and evictions for 90 days after the emergency declaration and mandates landlords to provide written notices about payment suspensions. It directly affects homeowners, residential renters, and small business tenants in New Jersey during the covered emergency period.

Topics ✓ Housing

Sub-Topics Mortgages Renters

in committee · New Jersey · Senate Feb 5, 2026

S 1756: Establishes New Jersey First-Time Home Buyer Savings Account Program; provides gross income tax benefits for certain contributions to and earnings on assets maintained in accounts established under program.

This bill creates a New Jersey program that allows certified first-time home buyers to open special savings accounts at participating banks or credit unions. Account holders can contribute up to $15,000 per year (with a lifetime limit of $75,000) and earn tax-free growth on those funds, with the account balance capped at $150,000 annually. Funds can only be withdrawn to cover down payments and closing costs for a primary residence purchase, and withdrawals for other purposes require tax reporting. The program is administered by the New Jersey Housing and Mortgage Finance Agency to encourage home ownership through tax-advantaged savings.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Income Tax Homeownership Housing Finance Mortgages

in committee · New Jersey · Senate Jan 13, 2026

S 224: Establishes "Police Officer, Firefighter, Public School Teacher, Corrections Officer, and Sanitation Worker Home-buyer Assistance Act"; appropriates $5 million.

New Jersey's S 224 creates a down-payment assistance program for police officers, firefighters, public school teachers, corrections officers, and sanitation workers in designated school districts. It provides $10,000 zero-interest second mortgages (for down payments and closing costs) that are forgiven at 20% per year over five years, contingent on the home remaining the applicant's primary residence. To qualify, applicants must have at least one year of employment in their respective public sector roles and live in a participating neighborhood within an SDA school district. The program is funded by a $5 million state appropriation to the New Jersey Housing and Mortgage Finance Agency.

Topics ✓ Budget & Taxes ✓ Criminal Justice ✓ Education ✓ Housing

Sub-Topics Appropriations Policing Teachers Homeownership Housing Finance Mortgages

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