The Maryland SmartBuy program has an exciting update on August 6, 2018.
The new Maryland SmartBuy program will allow qualified home buyers to purchase any home in Maryland that meets Maryland Mortgage Program guidelines while paying off their student debt.
Here are the qualifications on the Maryland SmartBuy page on the Maryland.gov website:
To qualify for either Maryland SmartBuy program, homebuyers must have an existing student debt with a minimum balance of $1,000. Maryland SmartBuy financing provides up to 15% of the home purchase price for the borrower to pay off their outstanding student debt. Maryland SmartBuy 2.0 offers the same student debt relief of 15% of the home purchase price with a maximum payoff of $30,000.
The full student debt must be paid off at the time of the home purchase, and homebuyers must meet all eligibility requirements for the Maryland Mortgage program.
According to the site, this is going to be a LIMITED time offering.
An announcement earlier this week states that $3 Million in Fiscal 2019 is being allocated to this program – which, according to the press release, should assist more than 100 buyers in the State of Maryland.
Here are more details on the original Maryland SmartBuy program.
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!