How do I get rid of student loan debt in Maryland?
If you are a first time homebuyer and you have student loan debt, you might be in luck!
*You may even qualify if you are a veteran or are buying in a targeted area!)
As of 11/17/2016 The Maryland Mortgage Program just announced the opening of the SmartBuy program.
Some of the highlights...Buyer MUST:
- Qualify for a mortgage using the Maryland Mortgage Program Conventional 5% down program
- Purchase a home owned by the Department of Housing and Community Development (the Department) in the state of Maryland. You can find the properties listed by Cummings and Co and listed by Long & Foster here. Additional properties will be listed, check back often.
- Have a total amount of student loans that are no more than 15% of the purchase price (and at least $1000). (e.g. With a 200K purchase, you may have up to a TOTAL of $30,000 in student loan debt that can be paid using this program. If you have more student loan debt than 15% of the purchase price, it would have to be paid off PRIOR to closing.) NO additional student loan debt can remain after closing.
At closing the student loan debt would be transferred into a 0% FORGIVABLE 2nd mortgage-and would be completely forgiven after 5 years.
You may also utilize the MMP $5000 0% loan for down payment and closing cost assistance. This loan is NOT forgivable and will need to be paid in full when you sell, transfer or refinance the home (You may be able to subordinate this loan on a refinance). You may also choose to use the preferred rate, where no MMP funds are used, and qualify for a lower interest rate.
OF course restrictions apply and this program won't work for everyone, but if you are thinking about buying and you want to get out from under those student loans, THIS may be the right time for you to buy!!
Please note: The program was originally limited to a small test group of lenders, it is now open to MMP approved lenders. Corridor Mortgage Group is an approved lender. Call me today so YOU can make a SmartBuy!
Who would have thought that by buying a home, you may actually end up with less debt!
How do I get rid of student loan debt in Maryland?
Warm Regards,
Bridget McGee Maryland Mortgage Mama NMLS# 196068 SWBC Mortgage. 410-960-2061 EHO bridget.mcgee@swbc.com or www.marylandmortgagemama.com
If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure!
If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest. Please contact me at 410-960-2061.
