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Politics

Maryland Gov. Larry Hogan announces expansion of SmartBuy homeownership program

As home prices rise, buyers can now eliminate up to $50,000 of their student debt under Maryland’s SmartBuy program, Gov. Larry Hogan announced Monday.

Previously, buyers purchasing a home through the Maryland Mortgage Program could get rid of up to $30,000 of student debt under the Maryland initiative meant to encourage millennial homeownership.

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Now, more than five years into the program, borrowers buying an eligible home can either receive 15% of the home price or $50,000 in student loan assistance through the Maryland Department of Housing and Community Development, depending on which amount is lower.

Other changes include more assistance for down payments and closing costs for borrowers in the program who earn 50% or lower than the average median income. In Maryland, that threshold is $41,150 for a single person or $58,750 for a family of four, according to the U.S. Department of Housing and Urban Development.

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All SmartBuy participants can receive either $6,000 in down payment assistance, up from $5,000.

Hogan also announced new initiatives for homebuyers with disabilities and new loan options for those below the 50% average median income threshold.


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