Maryland Mortgage Program SmartBuy 3.0

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Maryland Mortgage Program SmartBuy 3.0

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 homebuyer must have a minimum student debt of $1,000 and cannot exceed $30,000
  • The homebuyer 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 homebuyer must not own any other properties at the time of closing 
  • The property must be the homebuyer’s primary residence 
  • The homebuyer must contribute at least 5% of the sales price from their own funds towards the purchase of the property
  • The homebuyer 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 Department of Housing and Community Development, Maryland Mortgage Program

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