Mortgage Assistance Available to New Jersey's Unemployed & Underemployed

If you live in New Jersey and have a problem making mortgage payments because of a job loss or income reduction, there's help available. Help may be available through New Jersey HomeKeeper Program. The HomeKeeper Program was announced by the New Jersey Housing and Mortgage Finance Agency (HMFA) last September, and is now finally under way.

New Jersey HomeKeeper provides financial assistance to New Jersey homeowners who have a track record of making their mortgage payments on time but are now at risk as a result of unemployment or underemployment. The program also covers residents who need help covering the debt that accumulated during the unemployment or underemployment period.

NJ HomeKeeper Program Guidelines

NJ HomeKeeper Program Eligibility

NJ HomeKeeper Program Application

The assistance is in the form of a no interest rate, deferred-payment second mortgage loan. The loan proceeds may be used to cover past due money owed and/or a portion of the homeowner's monthly mortgage payment, including property taxes, property insurance, and mortgage insurance. Homeowners may be eligible for up to $48,000 in assistance for a period of up to 24 months.

According to the HMFA's HomeKeeper website self employed indiviuals may be eligible. The eligibility determination for self employed home owners will be made by the underwriters at HMFA.

The full amount of the loan must be repaid if the home is sold within 5 years, or if the home ceases to be the primary residence. But if the homeowner remains in the home and continues to pay, after the fifth year the HomeKeeper mortgage loan amount shall be forgiven 20% per year and fully forgiven at the end of the tenth year.

New Jersey HomeKeeper is funded through a federal grant from the United States Treasury's Hardest Hit Fund awarded to States most impacted by unemployment and underemployment.