{"id":9540,"date":"2018-07-24T15:42:18","date_gmt":"2018-07-24T19:42:18","guid":{"rendered":"http:\/\/news.maryland.gov\/dhcd\/?p=9540"},"modified":"2018-07-24T15:42:18","modified_gmt":"2018-07-24T19:42:18","slug":"maryland-smartbuy-2-0-offers-more-opportunities-for-homeownership","status":"publish","type":"post","link":"https:\/\/news.maryland.gov\/dhcd\/2018\/07\/24\/maryland-smartbuy-2-0-offers-more-opportunities-for-homeownership\/","title":{"rendered":"Maryland SmartBuy 2.0 Offers More Opportunities for Homeownership"},"content":{"rendered":"<p><a href=\"http:\/\/news.maryland.gov\/dhcd\/wp-content\/uploads\/sites\/16\/2018\/07\/smartbuy_facebook_artwork_single-woman_600x315.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-9541 \" src=\"http:\/\/news.maryland.gov\/dhcd\/wp-content\/uploads\/sites\/16\/2018\/07\/smartbuy_facebook_artwork_single-woman_600x315-300x158.jpg\" alt=\"\" width=\"281\" height=\"148\" srcset=\"https:\/\/news.maryland.gov\/dhcd\/wp-content\/uploads\/sites\/16\/2018\/07\/smartbuy_facebook_artwork_single-woman_600x315-300x158.jpg 300w, https:\/\/news.maryland.gov\/dhcd\/wp-content\/uploads\/sites\/16\/2018\/07\/smartbuy_facebook_artwork_single-woman_600x315.jpg 600w\" sizes=\"auto, (max-width: 281px) 100vw, 281px\" \/><\/a><\/p>\n<p>Governor Larry Hogan recently announced that the <a href=\"http:\/\/mmp.maryland.gov\/Pages\/default.aspx\">Maryland Mortgage Program<\/a> will begin accepting mortgage applications for SmartBuy 2.0 on Monday, August 6, 2018. Under the expanded program, applicants can purchase <strong>any<\/strong> eligible home in Maryland and pay off their outstanding student loan debt.<\/p>\n<p>This announcement has generated a wave of excitement among potential homebuyers who have been locked out of the housing market by student loan debt. Due to the interest in this program, listed are answers to some of the most frequently asked questions.<\/p>\n<p><strong>1. Which homes are available for purchase through the SmartBuy 2.0 program?<\/strong><br \/>\nPreviously, a participant had to purchase a home designated by the Maryland Mortgage Program to participate in the program. SmartBuy 2.0 makes the program available to purchase <strong>any<\/strong> home in Maryland that meets Maryland Mortgage Program guidelines.<\/p>\n<p><strong>2. Can I still have student loan debt after I purchase the home?<\/strong><br \/>\nNo. The full outstanding balance of the student debt (which shall not exceed 15% of the purchase price or $30,000, whichever is lower) must be paid off as part of closing. If your student debt exceeds that threshold, you are required to pay that excess amount prior to settlement to participate in the program.<\/p>\n<p><strong>3. Can I use any lender?<\/strong><br \/>\nYou are required to use a certified Maryland SmartBuy lender. Please check our <a href=\"http:\/\/mmp.maryland.gov\/Pages\/SmartBuy\/default.aspx\">website<\/a> to find a lender that is convenient for you.<\/p>\n<p><strong>4. Do I have to use a Realtor?<\/strong><br \/>\nNo. However, we strongly recommend doing so. A well-trained real estate professional will act as your advocate in purchasing a home, can help you find a home suitable to your preferences and budget, and help answer questions you have about the transaction as they arise.<\/p>\n<p><strong>5. How long will SmartBuy 2.0 be available?<\/strong><br \/>\nFunding for the program is limited, and demand for the program is expected to be strong. Act quickly!<\/p>\n<p>For more information, visit our <a href=\"http:\/\/mmp.maryland.gov\/Pages\/SmartBuy\/default.aspx\">website<\/a>, then talk to one of our certified <a href=\"http:\/\/mmp.maryland.gov\/Pages\/SmartBuy\/Lenders.aspx\">SmartBuy lenders<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Governor Larry Hogan recently announced that the Maryland Mortgage Program will begin accepting mortgage applications for SmartBuy 2.0 on Monday, August 6, 2018. Under the expanded program, applicants can purchase any eligible home in Maryland and pay off their outstanding student loan debt. This announcement has generated a wave of excitement among potential homebuyers who<a href=\"https:\/\/news.maryland.gov\/dhcd\/2018\/07\/24\/maryland-smartbuy-2-0-offers-more-opportunities-for-homeownership\/\">&nbsp;&nbsp;Read the Rest&#8230;<\/a><\/p>\n","protected":false},"author":169,"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":[1],"tags":[],"class_list":["post-9540","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/9540","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\/169"}],"replies":[{"embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/comments?post=9540"}],"version-history":[{"count":12,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/9540\/revisions"}],"predecessor-version":[{"id":9553,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/9540\/revisions\/9553"}],"wp:attachment":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/media?parent=9540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/categories?post=9540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/tags?post=9540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}