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Foreclosures

State launches new program aimed at homebuyers with student loan debt

State launches new program aimed at homebuyers with student loan debt

Maryland has launched a new program that will pay off student loan debt for homebuyers who purchase certain properties through the state.

The Department of Housing and Community Development SmartBuy program is aimed at helping buyers burdened with student loans. It also reduces the inventory of homes acquired by the state's Community Development Administration after foreclosures on properties purchased using the Maryland Mortgage Program.

The department has allocated about $10 million to the SmartBuy program, enabling about 40 to 50 households to participate, said DHCD spokeswoman Sara Luell. The first sale through the program, a $200,000 three-bedroom home in Bel Air,...

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