NJ A1593

Creates the Student Loan Assistance and Home Purchase program through the New Jersey Housing and Mortgage Finance Agency to help first-time homebuyers with student debt purchase homes by incorporating education-related debt into their home loan

Limits eligible properties to foreclosed residential single-family homes in near move-in condition, evaluated based on cleanliness, structural integrity, expected maintenance costs, location, and general habitability

Requires program participants to maintain the purchased home as their primary residence for at least five years from closing, with penalties for non-compliance

Places no limit on the amount of education-related debt that can be incorporated into a home loan, provided all federal and state requirements are met

Mandates the NJHMFA Executive Director establish rules and regulations within seven months, including participant eligibility requirements, interest rates, and applicable fees