SmartBuy 3.0: Homeownership with Student Loan Relief
Low Down Payments | Competitive Interest Rates | State-Backed Assistance
SmartBuy 3.0 helps Maryland homebuyers with student loan debt achieve homeownership. Designed to pay off student loans while securing a mortgage, this program offers low down payments and state-backed assistance.
In Maryland, eligible buyers can receive up to 15% of the home purchase price to pay off student debt, making homeownership more affordable and accessible.
What Is a SmartBuy 3.0 Loan?
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- Student Loan Payoff: Up to 15% of purchase price.
- Low Down Payments: Affordable upfront costs.
- Competitive Interest Rates: Lower rates for eligible buyers.
- State Assistance: Maryland-backed financial support.
- Debt Relief Requirement: Must pay off student loans.
- First-Time Homebuyer Focus: Designed for Maryland residents.
Who Qualifies for a SmartBuy 3.0 Loan?
- Student Loan Debt: Must have at least $1,000 in debt.
- First-Time Homebuyers: Designed for Maryland first-time buyers.
- Primary Residence Requirement: Must live in the purchased home.
- Maryland Residency: Available only to Maryland residents.
- Debt Payoff Requirement: Pay off student loans at closing.
- Income Limits: Varies by household size and location.
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SmartBuy 3.0 vs. Conventional Loans: Key Differences
*Loan eligibility and terms depend on lender approval and SmartBuy 3.0 guidelines.
Conventional Loans
SmartBuy 3.0
How to Apply for SmartBuy 3.0
Confirm you have at least $1,000 in student loan debt.
Verify your income meets SmartBuy 3.0 program limits.
Ensure you’re a first-time homebuyer and Maryland resident.
Collect financial documents, including income and debt statements.
Contact an approved SmartBuy 3.0 lender for pre-qualification.
Submit required documents to determine your loan eligibility.
Search for eligible properties in Maryland that meet program requirements.
Work with a licensed real estate agent familiar with SmartBuy 3.0.
Make an offer and secure a purchase agreement for your home.
Complete the loan application with your SmartBuy 3.0 lender.
Provide all required documents, including student loan statements.
Close on your home and ensure student loan payoff at closing.
Get Started with Your SmartBuy 3.0 Loan Today
SmartBuy 3.0 loans help Maryland homebuyers with student loan debt achieve affordable homeownership. As a dedicated loan officer, Matthew can guide you through the process in Maryland, ensuring you find the best financing options to meet your needs.
Reach out to learn more!