In New Jersey, veterans trying to buy a home with a federal G.I. Bill-backed mortgage could be shown a new counseling option before the loan paperwork is completed. Assemblywoman Heather Simmons’ bill would require the Department of Military and Veterans Affairs, or DMVA, to step in when a veteran asks for mortgage loan counseling.
Lenders making those residential mortgage loans in the state would have to attach a separate disclosure form to each application. The form would tell the applicant that counseling has been offered, and it would explain how to reach those services.
Where the fine print meets the borrower
If a veteran wants the help, DMVA would have to provide counseling and assistance through the New Jersey Housing and Mortgage Finance Agency. That review would cover the terms and restrictions of the loan, along with any other information the agency considers appropriate for a veteran seeking a housing loan under Chapter 37 of Title 38 of the United States Code.
The bill is aimed at the moment when a mortgage can still feel manageable on paper but carry details that are easy to miss in the rush to close. It would turn counseling from something a borrower might have to find on their own into part of the lending process itself.
Sources
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