Hogan Administration Announces $3 Million Expansion of Maryland SmartBuy Program
Will Offer More Opportunities for Homebuyers With Student Debt
SHADY GROVE, MD – The Hogan administration today announced that Maryland SmartBuy, a nationally-recognized program that assists first-time homebuyers burdened with student debt, will expand in August 2018. The expansion will allow participants to purchase any eligible home in the state while eliminating up to $30,000 in student debt. Currently, SmartBuy 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 SmartBuy 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 SmartBuy 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 SmartBuy should get ready now,” said DHCD Secretary Kenneth C. Holt. “Make sure to talk to one of our certified SmartBuy lenders to get your documents in order and get prequalified for a loan, and 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 downpayment and closing cost incentives.
The Maryland SmartBuy program has been profiled on the NBC Nightly News and in the Wall Street Journal, Washington Post,Baltimore Sun, and other major media outlets.
For more information, visit the Maryland SmartBuy website at http://mmp.maryland.gov/SmartBuy.