Program can be used with any home starting Aug. 6
Governor Larry Hogan has announced the expansion of a state program helping Marylanders erase student debt and buy homes. The SmartBuy program helps first-time homebuyers burdened with student debt and will expand this August.
The program allows buyers to purchase a home in the state while eliminating up to $30,000 in student debt. Prior to Aug. 6, 2018, the program was only eligible for homes in the DHCD’s Maryland Mortgage Program. The announcement was part of broader policy changes in college affordability.
“We are proud that Maryland continues to be home to one of the most highly educated populations in America, but the harsh reality many face today is that earning a college education often goes hand-in-hand with crippling college debt,” said Governor Larry Hogan. “This new $3 million expansion of SmartBuy will help young people buy a home, removing the student debt roadblock to homeownership and allowing for financial security.”
The budget will include $3 million in funds for the program with an expectation of assisting 100 homebuyers. SmartBuy is already a popular program and buyers are encouraged to take advantage as soon as possible. The SmartBuy webpage has all the information you need to get started. You can find out if your lender is a SmartBuy lender and research eligibility requirements and the documents required.
You can also contact me for help in finding a property!