The Maryland SmartBuy program is designed to eliminate the hurdle of student loan debt for first time home buyers while offering move-in ready homes. SmartBuy's student loan incentive financing:
- Eliminates your student loan debt by giving you up to 15% of your home's purchase price;
- Provides you with one convenient payment per month;
- Enables you to access attractive financing & closing cost assistance;
- Ensures a safe, streamlined, and straightforward home buying & financing experience.
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There have already been successful home sales using the financing - with the first home sale being announced right after Thanksgiving, 2016. To qualify for Maryland SmartBuy assistance, you must have an existing student debt in repayment or deferred status:
- The student debt must have a minimum balance of $1,000
- The maximum debt can be 15% of the purchase price of the home you buy
(i.e. $200,000 = maximum debt of $30,000)
- Borrowers must meet all eligibility requirements for the Maryland Mortgage (MMP) program.
The Maryland SmartBuy program will give you up to 15% of the home's purchase price for you to use to pay off your outstanding student loan debt. The full debt must be paid off using the SmartBuy financing (and a combination of your own funds if you owe more) paid off when you settle on the home.
Get Free Help With SmartBuy
Looking to make a SmartBuy while getting rid of your student loan? Our real estate agents offer full service assistance with SmartBuy, the Maryland Mortgage Program and a variety of other state, city and private mortgage programs. We're licensed in Maryland, DC and Virginia. Check us out at UrbanLandCompany.com.