Permits veterans to provide five percent of purchase price in sheriff auction of residential property under certain circumstances.

This bill permits New Jersey veterans to pay only 5% of the purchase price as a deposit when buying residential property at a sheriff's sale, instead of the standard 20% required for most buyers. Veterans must commit to live in the property as their primary residence for a minimum of two years to qualify for this reduced deposit requirement. The policy directly affects New Jersey's approximately 338,012 veterans, aiming to reduce financial barriers to homeownership through foreclosure sales. The bill takes effect immediately upon passage.