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Maryland SmartBuy 3.0 Program: How it Can Help Your Homebuying Prospects
As a real estate professional, it’s important to be aware of the latest loan programs that could benefit your clients. With so many millennials purchasing homes right now, one of the loan programs that could be of great appeal to this market is the State of Maryland’s new SmartBuy 3.0 Program. Maryland SmartBuy 3.0 gives homebuyers an opportunity to purchase any home in Maryland that meets Maryland Mortgage Program guidelines while paying off student debt.
According to Experian.com, Milliennals carry the third highest percentage of student debt of all generations. Because of this, the Maryland SmartBuy 3.0 loan program is one you should familiarize yourself with, if you’re not already.
SmartBuy 3.0 Eligibility and Overview
According to Maryland.gov “To qualify for the Maryland SmartBuy 3.0 program, homebuyers must have an existing student debt with a minimum balance of $1,000. Maryland SmartBuy 3.0 financing provides up to 15% of the home purchase price for the borrower to pay off their outstanding student debt with a maximum payoff amount of $30,000. The full student debt for at least one of the borrowers must be paid off at the time of the home purchase, and homebuyers must meet all eligibility requirements for the Maryland Mortgage program.”
Here’s some additional information on the program:
- Your whole student loan must be paid off at the time of purchase.
- You must earn a homeownership counseling certificate before closing on your home.
- In order to qualify for this program, you must be applying for a Conventional Loan
- You must not own other properties at the time of closing.
- You must live in this home as your primary residence.
- This program can pay off up to two borrower’s loans for a maximum combined total of $30,000.
- The minimum Credit Score to qualify is 720.
- You must contribute at least 5% of the sales price of your own money to your home purchase
- For purchases in Baltimore City, this program is not limited to first-time homebuyers.
At Velocity Title, we work hard to ensure our real estate agent and lender partners are equipped to give their clients the best home buying and closing experience possible. We will continue to monitor new loan opportunities, and share the latest insights with you as they become available.
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