Up to $50,000 In Student Loan Debt Can Now Be Eliminated
<\/i>New Down Payment and Closing Cost Loan Option Added
<\/i>Program Helps Borrowers Eliminate Existing Student Debt And Achieve Financial Security<\/i><\/p>\n
ANNAPOLIS, MD <\/strong>(August 15, 2022) \u2014 Governor Larry Hogan today announced that the Maryland Department of Housing and Community Development (DHCD) has expanded the state\u2019s landmark SmartBuy<\/a> initiative to address rising housing market prices. To help manage purchase costs, homebuyers can now eliminate up to $50,000 in student loan debt\u2014up from $30,000. The program has also added an additional down payment and closing cost loan option for lower income borrowers.<\/p>\n \u201cAs the country continues to deal with an inflation crisis, we are again taking steps to provide relief to Marylanders,\u201d said Governor Hogan. \u201cOur SmartBuy initiative\u2014the first of its kind in the country\u2014has established a national model for removing persistent roadblocks to homeownership and financial security, and this expansion will allow us to help even more families.\u201d<\/p>\n Up to $50,000 In Student Debt Payoff Assistance.<\/strong>\u00a0Through 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\u2014whichever is lower.<\/p>\n \u201cAs interest rates increase and demand drives housing prices up, the State of Maryland is always looking for innovative ways to help make homeownership affordable,\u201d said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. \u201cLaunched more than five years ago, SmartBuy was the first government mortgage program in the nation to specifically address student loan debt, which is a significant barrier for many potential homeowners.\u201d<\/p>\n More Options for Down Payment and Closing Cost Assistance.<\/strong>\u00a0SmartBuy borrowers with income at or below 50% of the average median income have a new option of receiving a 6% down payment and closing cost assistance loan. All SmartBuy borrowers continue to have the option of $6,000 or a 4% down payment and closing cost assistance loan.<\/p>\n These enhancements to SmartBuy 3.0 are additional ways the Maryland Mortgage Program is making homeownership more affordable. Other new products and enhancements<\/a> offered for Fiscal Year 2023 include:<\/p>\n During the Hogan administration, the Maryland Mortgage Program has provided over $5.1 billion in mortgages, $121.7 million in down payment assistance, and $25 million in student debt relief.<\/p>\n The Maryland Mortgage Program offers a wide variety of mortgage products specifically tailored to make homeownership affordable and sustainable, including flexible government and conventional loans that come with various levels and forms of down payment and closing cost assistance and attractive interest rates for both first-time and repeat homebuyers, conventional refinancing and even student debt relief. To learn more and find out which product is right for you, visit mmp.maryland.gov<\/a> and contact a participating lender.<\/p>\n # # #<\/p>\n","protected":false},"excerpt":{"rendered":" Up to $50,000 In Student Loan Debt Can Now Be EliminatedNew Down Payment and Closing Cost Loan Option AddedProgram Helps Borrowers Eliminate Existing Student Debt And Achieve Financial Security ANNAPOLIS, MD (August 15, 2022) \u2014 Governor Larry Hogan today announced that the Maryland Department of Housing and Community Development (DHCD) has expanded the state\u2019s landmark Read the Rest…<\/a><\/p>\n","protected":false},"author":119,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[46,16,23,33,165,166],"tags":[],"class_list":["post-10921","post","type-post","status-publish","format-standard","hentry","category-governor-hogan","category-homeownership","category-maryland-mortgage-program","category-press-releases","category-smartbuy","category-smartbuy-maryland-mortgage-program"],"acf":[],"_links":{"self":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/10921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/users\/119"}],"replies":[{"embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/comments?post=10921"}],"version-history":[{"count":3,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/10921\/revisions"}],"predecessor-version":[{"id":11688,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/10921\/revisions\/11688"}],"wp:attachment":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/media?parent=10921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/categories?post=10921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/tags?post=10921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n