Maryland SmartBuy initiative expansion announced, aims to help more homebuyers statewide

Staying Home For The Holidays

ANNAPOLIS, Md. – Governor Larry Hogan has announced the expansion of the Landmark SmartBuy initiative to help homebuyers across the state.

To help manage mortgage costs, homebuyers can now eliminate up to $50,000 in student loan debt – an increase from $30,000. 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.

Additionally, more options are now available 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.

Other new products and enhancements offered through this program 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 will provide increased funding and a flexible loan structure

“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.”

Categories: Local News, Maryland