If you have student debt that is stopping you from being a first-time homebuyer, well your day of relief has arrived!
The program works by paying off student debt during the purchase of the home through special Maryland Mortgage Program (MMP) financing.
To qualify for the 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 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.
For additional information, and to chat with one the approved mortgage lenders – Click here and we’ll put you in touch with them!