Maryland Smart Buy Program Expansion to $$ 3 Million $$ – Program Will Offer More Opportunities for Homebuyers With Student Debt!
On July 16, the Hogan administration announced that Maryland Smart Buy Program, a nationally-recognized program that assists first-time homebuyers burdened with student debt. Relaunched as Maryland Smart Buy on August 6.
Maryland Smart Buy 2.0 will allow participants to purchase any eligible home in the state, while eliminating up to $30,000 in student debt.
Currently, Smart Buy requires buyers to purchase select homes designated by the Maryland Department of Housing and Community Development (DHCD). “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 Smart Buy will help young people buy a home, removing the student debt roadblock to homeownership and allowing for financial security.”
In his Fiscal Year 2019 budget, Governor Hogan approved a $3 million state appropriation for the program. This additional funding is expected to assist more than 100 homebuyers. Since its inception in late 2016, the Maryland Smart Buy program has helped homebuyers retire $1 million in student debt.
“We’ve already seen tremendous interest in the program, and buyers who want to participate in Smart Buy should get ready now,” said DHCD Secretary Kenneth C. Holt. “Make sure to talk to one of our certified Smart Buy lenders to get your documents in order and get prequalified for a loan. Visit our website to learn about eligibility requirements, such as homebuyer education and income limits.”
Mortgage loans will be provided through DHCD’s Maryland Mortgage Program, the state’s flagship homeownership assistance program for over 30 years. Traditionally, the program provides fixed-term mortgages, primarily to first-time homebuyers, along with down payment and closing cost incentives.
The Maryland Smart Buy program has been profiled on the NBC Nightly News and in the Wall Street Journal, Washington Post, Baltimore Sun, and other major media outlets.