Governor Larry Hogan today announced that the Maryland Department of Housing and Community Development (DHCD) has expanded the state’s landmark SmartBuy initiative to address rising housing market prices. To help manage purchase costs, homebuyers can now eliminate up to $50,000 in student loan debt—up from $30,000. The program has also added an additional down payment and closing cost loan option for lower income borrowers. “As the country continues to deal with an inflation crisis, we are again taking steps to provide relief to Marylanders,” said Governor Hogan. “Our SmartBuy initiative—the first of its kind in the country—has established a national model for removing persistent roadblocks to homeownership and financial security, and this expansion will allow us to help even more families.” Up to $50,000 In Student Debt Payoff Assistance. Through the SmartBuy 3.0 product, buyers purchasing an eligible home through the Maryland Mortgage Program can receive either 15% of their home purchase price or $50,000 in student debt payoff assistance—whichever is lower. “As interest rates increase and demand drives housing prices up, the State of Maryland is always looking for innovative ways to help make homeownership affordable,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. “Launched more […]
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