Maryland Mortgage Program SmartBuy
The Maryland SmartBuy program helps homebuyers with student debt purchase a home. The program is designed to allow borrowers to pay off student debt during the purchase of an eligible home. Maryland SmartBuy financing provides up to 15% of the home purchase price for the borrower to pay off their outstanding student debt. This is structured as a 0% interest loan, forgivable over 5 years. Eligible homes are owned by the Maryland Department of Housing and Community Development and have been renovated to be move-in ready.
This program allows you to borrow money to buy your home and pay off your student debt.
ELIGIBILITY & LIMITATIONS
- You must have a student debt of at least $1,000. The maximum student debt amount cannot exceed 15% of the purchase price of the home.
- Your whole student loan must be paid off at the time of purchase.
- You must earn a homeownership counseling certificate before closing on your home.
- You must not own other properties at the time of closing.
- You must live in this home as your primary residence.
- You must contribute at least 5% of the sales price of your own money to your home purchase.
- For purchases in Baltimore City, this program is not limited to first-time homebuyers.
ADDITIONAL REFERENCES & RESOURCES
Maryland Department of Housing and Community Development, Maryland Mortgage Program
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