Maryland SmartBuy Program
The new Maryland SmartBuy program is available now and eliminates existing student loan debts for home purchasers while they buy their first home. If you're eligible for SmartBuy through the Maryland Mortgage Program (MMP), you can receive up to 15% of the purchased home's price to use to pay down existing student loan debt. If you buy a $200,000 home, you can receive up to $30,000 to pay down your debt.
This is a landmark new program and Maryland is one of the first states in the country to offer a student loan mortgage incentive such as SmartBuy. Eligible home buyers get one easy payment per month, access to attractive financing and closing costs assistance, and a safe and streamlined homebuying experience.
How To Use It
You must be eligible to purchase through the Maryland Mortgage Program (MMP), a financing program that has been running for over 30 years. MMP is somewhat complicated, as the rules and eligibility can vary by County and even within each County’s Census Districts. You can apply for an MMP loan if you are buying a home or condominium in Maryland that you will live in as your primary home, and if your household income is below a maximum limit dependent upon your County and household size.
The program is primarily based on household income and then geographic factors. In terms of income, you’re immediately eligible to apply for funding if your Household Income (1-2 people) is under $88,400. For 3+ person households, the limit is under $101,300.
You may be eligible if your Household Income is between $88,400 to $128,760 (1-2 people) or $101,300 to $150,220 (3+ people) depending on County and location in the County.
You also will need to complete a Homebuyer Education Course through a local organization as part of the financing process.
SmartBuy Eliminates Student Loan Debt Obstacles
UrbanLand Company agents have been helping home buyers successfully navigate the Maryland MMP Program and its spinoff loan programs such as SmartBuy for years. We've represented over $49 million with successful down payment assistance loans and zero down home purchases using local area programs. Get help now!
Just getting started and want to learn more quickly and easily? Attend one of our Free Workshops (Tuesday nights and Saturday mornings) and ask about the Maryland SmartBuy Program!
SmartBuy Qualifying HomesThis is a list of some of the homes available through the SmartBuy program. Other qualifying properties may be available!
Maryland First Time Buyer Blog
There are right around 100 available multi-unit properties for sale in DC currently. The numbers can change daily as buildings […]
DC’s landmark $0 Down Home Buying initiative, the DC Open Doors program, has increased its income limits for 2018! The […]
Don’t forget Spring is pretty much here, even if it’s a little cold outside! If you have fair to good […]
Mortgage interest rates on 30 year fixed rate loans are at around 4.5% as we move toward the beginning of […]