Get Mortgage Counseling
Veterans could get mortgage counseling before closing
In New Jersey, lenders on G.I. Bill-backed home loans would have to include a separate disclosure with each application. If a veteran asks, the state would connect them to counseling through the housing finance agency.
A New Jersey bill would give veterans a clearer look at the loan terms before they sign for a home. It also puts counseling into the lending process, so help is offered up front instead of left for borrowers to find on their own.
- Veterans applying for certain home loans would get a counseling offer.
- Lenders would have to add a separate disclosure form to each application.
- DMVA could provide counseling through the state housing finance agency on request.
- 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
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.