Maryland SmartBuy mortgage program is a new program offered by the State of Maryland to help those with student loans be able to buy a house in Maryland.

There are specifically eligible properties, so no, it doesn’t apply to any property someone might want to buy in the State of Maryland.

According to the Maryland Mortgage Program Website,

“Selected Department Real Estate Owned (REO) properties only.

The properties available under this program will be listed
on the Department’s website at and on the Maryland
Mortgage website at”

Yes, the company with which I am currently affiliated, Cummings & Co. Realtors, is one of the two companies that are currently listing these properties for sale.

Here are the homes currently eligible per the Maryland Mortgage Smart Buy website. The website should update with new houses when they become available.

Please note that just because a house is listed with a brokerage does NOT mean you need to work with an agent from that brokerage to buy a house. You should speak with a licensed agent from a brokerage of your choosing about buyer agency and learn more about agency in Maryland to find out how you would like to proceed.

In terms of qualifications for the program, there are a number, which the Maryland Mortgage Smart Buy website discusses.

“To qualify for Maryland SmartBuy, homebuyers must have an existing student debt (in repayment or deferred status) with a balance of a minimum of $1,000 and up to a maximum of 15% of the home purchase price. Maryland SmartBuy financing will provide up to 15% of the home purchase price for the borrower to pay off the outstanding student debt. The full student debt must be paid off at the time of the home purchase. Homebuyers must meet all eligibility requirements for the Maryland Mortgage program.”

According to the Maryland Mortgage Smart Buy Fact Sheet:

“Up to 95% of the sales price will be financed with the first mortgage (30-year conventional
amortizing mortgage loan). The first mortgage will be pooled into a FNMA Mortgage Backed
Securities (MBS) structure.
The second mortgage is a 5-year forgivable mortgage in the amount of up to 15% of the
purchase price that will be used to pay off the borrower’s outstanding student debt balance at
the time of home purchase. The student debt loan must be in the borrower’s name and for the
borrower’s education.
The second mortgage is a 0% interest deferred loan with no payments, forgivable over 5 years
at 20% rate per year on each anniversary date (due upon sale or refinance if the event takes
place within the first 5 years from the settlement of the first mortgage)
The second mortgage will be secured by a second lien on the property.”

Here is a link to the Maryland Mortgage SmartBuy program’s website for more details.

If you are interested in the Maryland Mortgage SmartBuy program, and would like to speak with a lender to learn more, please let me know. I have a network of terrific lenders who can help you determine if you qualify for the program, and if this is the right program to help you get into a Maryland home!