According to this website NJ currently has a special for first time homebuyers. The interest rate for a 30-year fixed mortgage is 3.75%. It does state that you have to live at the residence for the life of the mortgage. I am curious as to what happens if you decide to not live there after you have this mortgage. Is there a penalty of some sort? Is there a way for the government to know if you are not living there anymore?
If you want to check out the website here it is: