New Jersey Homeownership Mobility Act establishes a pilot program for portable mortgages.
The New Jersey Homeownership Mobility Act establishes the New Jersey Portable Mortgage Pilot Program within the New Jersey Housing and Mortgage Finance Agency. This program allows homeowners to transfer existing mortgages, including interest rates and remaining loan terms, to a different eligible property. Homeowners can seek supplemental financing if the purchase price exceeds the mortgage balance. The program aims to promote efficient housing inventory use. The bill appropriates $30 million for the pilot program and requires annual reports on its impact and feasibility.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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