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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:
http://www.state.nj.us/dca/hmfa/consu/buyers/ownprg/firsttime.html

1 Thought on Special Deals on NJ First Time Homebuyer?
  1. Reply
    Realty Geek
    February 17, 2014 at 6:19 am

    The occupancy restriction means you can’t rent the home out. If you decide not to live there after you get this mortgage you would have to sell the home.

    If you no longer want to live there and rent it out you would likely have to switch to another loan type without the special deal.

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