Beginning August 6, Maryland SmartBuy 2.0 will provide an opportunity for homebuyers to purchase any home in Maryland that meets Maryland Mortgage Program guidelines while paying off student debt. This limited time program provides all of the student debt relief offered by the original Maryland SmartBuy while making more homes eligible for purchase.
Program EligibilityTo qualify for either Maryland SmartBuy program, homebuyers must have an existing student debt with a minimum balance of $1,000. Maryland SmartBuy financing provides up to 15% of the home purchase price for the borrower to pay off their outstanding student debt. Maryland SmartBuy 2.0 offers the same student debt relief of 15% of the home purchase price with a maximum payoff of $30,000.
The full student debt must be paid off at the time of the home purchase, and homebuyers must meet all eligibility requirements for the Maryland Mortgage program.
Approved SmartBuy Mortgage LendersFinancing for either Maryland SmartBuy program is available only through approved Maryland SmartBuy lenders.