Are you a Maryland resident dreaming of homeownership but burdened by student debt? The Maryland SmartBuy Program 3.0 is here to help you turn that dream into a reality.
With the support of George Mason Mortgage, an approved SmartBuy Mortgage Lender, you can purchase any eligible home in Maryland while simultaneously paying off your student debt.
Let’s explore the incredible opportunities this program offers and how it can benefit you.
What is the Maryland SmartBuy Program 3.0?
The Maryland SmartBuy Program 3.0 is a unique initiative designed to assist homebuyers who want to purchase a home in Maryland while managing their student debt. The program is administered by the Maryland Mortgage Program (MMP), which sets the guidelines for eligibility.
- How does the program work?
To qualify for the Maryland SmartBuy 3.0 program, you need to have an existing student debt with a minimum balance of $1,000. The program provides up to 15% of the home purchase price, with a maximum payoff amount of $50,000, to help you pay off your outstanding student debt. It’s important to note that at least one borrower’s full student debt must be paid off at the time of the home purchase.
- Benefits of the Maryland SmartBuy Program 3.0:
a) Debt Relief: By participating in this program, you can significantly reduce your student loan burden. Paying off a substantial portion of your debt through the program allows you to start building equity in your new home without the added stress of student loan repayments.
b) Affordable Homeownership: The Maryland SmartBuy Program 3.0 helps make homeownership more accessible by providing financial assistance towards your student debt, allowing you to navigate the home buying process with confidence, knowing that your student loans are being addressed.
c) Expanded Options: You have the freedom to choose any eligible home in Maryland that meets the Maryland Mortgage Program guidelines. This flexibility allows you to find a home that suits your needs and preferences while still benefiting from the SmartBuy program.
- Working with George Mason Mortgage:
As an approved SmartBuy Mortgage Lender, George Mason Mortgage is well-equipped to guide you through the home buying journey. We understand the intricacies of the SmartBuy program and can help you navigate the application process smoothly. Our team of experienced mortgage professionals will work closely with you, ensuring that you understand your options and find the right mortgage solution for your unique circumstances.
Don’t let your student debt hold you back from achieving your homeownership goals. Explore the possibilities that the Maryland SmartBuy Program 3.0 offers and take the first step towards a brighter future today!
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