New Jersey A5281 requires the Department of Military and Veterans' Affairs to provide mortgage loan counseling to veterans seeking housing loans.
New Jersey A5281 mandates the Department of Military and Veterans' Affairs to offer counseling and assistance to veterans applying for mortgage loans guaranteed by the federal "Servicemen's Readjustment Act of 1944," also known as the G.I. Bill. The counseling includes reviewing loan terms, restrictions, and information deemed appropriate by the New Jersey Housing and Mortgage Finance Agency. Additionally, residential mortgage lenders in New Jersey must provide a separate disclosure form with each loan application, stating that the veteran has been offered loan counseling services.
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