Governor Hogan Announces Expansion of SmartBuy Initiative To Help Homebuyers, Includes Up to $50,000 In Student Debt Payoff Assistance

Per the State of Maryland
ANNAPOLIS, MD—Governor Larry Hogan today announced that the Maryland Department of Housing and Community Development (DHCD) has expanded the state’s landmark SmartBuy initiative to address rising housing market prices. To help manage purchase costs, homebuyers can now eliminate up to $50,000 in student loan debt—up from $30,000. The program has also added an additional down payment and closing cost loan option for lower income borrowers.

“As the country continues to deal with an inflation crisis, we are again taking steps to provide relief to Marylanders,” said Governor Hogan. “Our SmartBuy initiative—the first of its kind in the country—has established a national model for removing persistent roadblocks to homeownership and financial security, and this expansion will allow us to help even more families.”

Up to $50,000 In Student Debt Payoff Assistance. Through 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—whichever is lower.

“As interest rates increase and demand drives housing prices up, the State of Maryland is always looking for innovative ways to help make homeownership affordable,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. “Launched 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.”

More Options for Down Payment and Closing Cost Assistance. SmartBuy 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.

These enhancements to SmartBuy 3.0 are additional ways the Maryland Mortgage Program is making homeownership more affordable. Other new products and enhancements offered for Fiscal Year 2023 include:

  • Base down payment assistance has been increased from $5,000 to $6,000.
  • HomeStart is a new loan product for borrowers with income below 50% AMI to assist them with a 6% down payment and closing cost assistance loan.
  • HomeAbility, for homebuyers with disabilities, to provide increased funding and a flexible loan structure.
  • Montgomery Homeownership Program VII reopens for the seventh year in a row and will offer up to $25,000 in down payment assistance, in partnership with Montgomery County.

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.

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 and contact a participating lender.

Recent Stories

While Marylanders missed out on a claim to the first Mega Millions jackpot hit in 2024, five lucky players in the state won $10,000 in the Tuesday, March 26 drawing….

The Bethesda Arts & Entertainment District has announced the 2024 Bethesda Film Fest which will be held at the Bethesda Row Landmark Cinema this year on Friday, April 5th and…

Chief U.S. District Judge James K. Bredar today sentenced John Willie Kennedy, a/k/a “Cognac” and “Yak,” age 46, of Gaithersburg, Maryland, to six years in federal prison, followed by three…

Today, Monumental Sports & Entertainment’s Founder, Chairman, Principal Partner, and CEO, Ted Leonsis, D.C. Mayor Muriel Bowser, and D.C. Council Chairman Phil Mendelson announced an agreement for a “transformative renovation…

FEST OF SPRING Caribbean Wine Food & Music Festival

Get ready to experience the vibrant colors, tantalizing flavors, and infectious rhythms of the Caribbean at the FEST OF SPRING Caribbean Wine Food & Music Festival! Hosted by RHU LLC, this exciting festival is set to take place on May 18, 2024, at the picturesque 16700 Barnesville Rd in Boyds, MD.

Step into a world where the Caribbean spirit comes alive! From 12:00 PM onwards, immerse yourself in a sensory journey that celebrates the unique culture, cuisine, and music of the Caribbean. Whether you're an African American, a Reggae or Soca music enthusiast, a wine lover, or part of the vibrant Caribbean diaspora, this festival promises to delight and captivate you in every way.

Let the enticing aromas of mouthwatering Caribbean dishes tantalize your taste buds. Feast on traditional delicacies prepared by expert chefs, showcasing the rich and diverse culinary heritage of the Caribbean. Indulge in flavorful jerk chicken, succulent seafood, and delectable plantain dishes that will transport you straight to the islands.

Accompanying the culinary extravaganza is a carefully curated selection of premium wines, ensuring the perfect pairing for your palate. Sip on fine wines from renowned vineyards, each sip a reflection of the Caribbean's vibrant spirit. Discover new flavors, expand your wine knowledge, and savor unforgettable moments with every glass.

As the sun sets, get ready to groove to the infectious rhythms of Caribbean music. Feel the pulsating beats of reggae, soca, dancehall, and calypso, moving your body to the lively melodies. Live performances by talented musicians and performers will keep the energy high, ensuring a night of unforgettable entertainment.

Don't miss this opportunity to embrace the Caribbean spirit and celebrate the arrival of spring in style! Tickets are available on AllEvents, so secure your spot today. Join us at the FEST OF SPRING Caribbean Wine Food & Music Festival, where cultures collide and unforgettable memories are made.

LIVE PERFORMANCES By: CULTURE Feat. Kenyatta Hill, EXCO LEVI, IMAGE BAND, RAS LIDJ REGG'GO with Special Guest SUGAR BEAR FROM E.U. & MORE! & MORE!

MUSIC By: DJ ABLAZE, DJ SMALLY & NAJ SUPREME

2 NIGHT Camping packages available: RV/CAMPER $200 | TENTS $150 Starting on Friday May 17 @ 5pm | 30 RV SPACES | 30+ TENT SPACES

KIDS 12 & UNDER FREE!!!

Bethesda Film Fest

The 2024 Bethesda Film Fest will feature five short documentary films made by filmmakers from Maryland, Virginia, and Washington, D.C. Screenings will be held Friday April 5 and Saturday April 6 at Landmark Bethesda Row Cinema.

×

Subscribe to our mailing list