The Maryland Housing Department Significantly Boosts Its Student Debt Relief And Loan Options For Homebuyers

What’s happening?

The Maryland housing department expanded its mortgage program, the SmartBuy initiative, to include more assistance for student loan debt and additional loan options for low-income buyers, Marcus Dieterle reports for Baltimore Fishbowl. 

How much assistance can buyers expect under the expanded terms? 

The Maryland Department of Housing and Community Development is now offering $50,000 or 15% of the home purchase price to help buyers pay off their student loans, a significant increase compared to the original offer of $30,000 in student debt relief.

For borrowers whose income is at or below 50% of the average, the department will provide 6% of the down payment, as well as an additional loan to assist with the cost of closing. All SmartBuy borrowers can also opt to receive $6,000 or 4% of the down payment and a closing cost assistance loan. 

Anything else I should know? 

Homebuyers can also find other assistance from the state’s housing department here.

You can read more here. 

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