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.