Maryland Mortgage Program SmartBuy 3.0
- Loans
- Statewide
Summary
The Maryland SmartBuy 3.0 program is designed to assist homebuyers burdened by student debt in purchasing a home. This program allows borrowers to pay off their student debt while purchasing an eligible home. Through Maryland SmartBuy financing, borrowers can receive up to 15% of the home purchase price to pay off their outstanding student debt, with a maximum of $30,000. The loan is structured as a 0% interest loan, which is forgivable over a 5-year period. The program is not limited to first-time homebuyers if the property is being purchased in Baltimore City.
Eligibility Requirements
- The applicant(s) must have a minimum student debt of $1,000 and cannot exceed $30,000.
- The applicant(s) must be a first-time homebuyer unless the property is in Baltimore City.
- The entire student loan balance must be paid off at the time of home purchase.
- The applicant(s) must not own any other properties at the time of closing.
- The property must be the homebuyer’s primary residence.
- The applicant(s) must contribute at least 5% of the sales price from their own funds towards the purchase of the property.
- The applicant(s) must earn a homeownership counseling certificate before settling on the property.
- The mortgage must be through an approved lender of the program.
Contact Information
Maryland Mortgage Program
7800 Harkins Road
Lanham, MD 20706
1-800-638-7781