Maryland Smart Buy Program -

If you live in the home as your primary residence for five years , the student debt is completely wiped out at no cost to you.

Most participants must be first-time homebuyers, though exceptions exist for certain "Targeted Areas".

You must have at least $1,000 in student loan debt. maryland smart buy program

The program is a unique initiative designed to help homebuyers eliminate student debt while purchasing a home. Unlike typical assistance programs that only focus on down payments, SmartBuy directly pays off your outstanding student loans as part of the home-buying process. How the Program Works

The program requires that your full remaining student debt balance be paid off at closing. If your debt exceeds the program's cap, you must pay the difference out-of-pocket. Key Qualifications If you live in the home as your

Household income must fall within specified limits, which vary by county and household size.

You must complete an approved homebuyer education class . The program is a unique initiative designed to

Typically requires a minimum credit score of 640 to 720 , depending on the specific loan product.