Maryland Mortgage Program SmartBuy 3.0

The Maryland SmartBuy 3.0 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, up to a maximum of $40,000. This is structured as a 0% interest loan, forgivable over 5 years.

PROGRAM BENEFIT

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 $40,000.
• 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

MMP Program Fact Sheet

PROGRAM CONTACT

Maryland Department of Housing and Community Development, Maryland Mortgage Program
Website