The Maryland Mortgage Program is the umbrella program for the Maryland SmartBuy 2.0 program.
The Maryland Mortgage program offers more than just the SmartBuy 2.0 program, so there are other potential options for homebuyers who may need downpayment assistance if they don’t qualify for SmartBuy 2.0.
To use a Maryland Mortgage program, any candidate must complete a Homebuyer Education Class.
Homebuyers desiring to use either Maryland SmartBuy 2.0 or any other Maryland Mortgage Program may need to choose the county where they want to live prior to moving forward on a home, because each county may have different Homebuyer Education Class requirements. Some may require both a class and counseling BEFORE a buyer can enter into a contract, which means those steps really should be taken before looking at homes (what if you find what you feel is your dream house, but need the program, so you lose that house because you can’t move forward?), while others may require those steps before closing, opening up the time frame.
Another thing to note is that sometimes the classes fill up well in advance, so it may take some time to get into a class or into a counseling session.
Here are the Homebuyer Education requirements (and locations for classes depending on the County) for certain counties in Maryland.
I want to thank Mary Jo Determan of Primary Residential Mortgage for these details on the Maryland Mortgage Program. Mary Jo’s company is one of the approved lenders from the Maryland SmartBuy 2.0 program, so she understands the nuances of the program.
If you would like to learn more about the Maryland Mortgage Program and/or the Maryland Mortgage SmartBuy 2.0 program, please contact me. I would be happy to help!