If you have between 1,000-$40,000 in student loan debt, and have thought about buying a house in MD, we need to talk!
MD has implemented a new program aimed at homebuyers with student loan debt and qualifying participants can have up to $40,000 in student loans paid off after closing. To help manage the overall housing expenses for a borrower who is purchasing an eligible property and has an existing student debt (which can be in repayment or deferred status) balance of a minimum of $1,000 and up to a maximum of 15% of the home purchase price (but not higher than $40,000). The product will offer up to 15% of the home purchase price (with a maximum of $40,000) for the borrower/s to pay off the outstanding student debt. The full student debt for at least one borrower must be entirely paid off at the time of the home purchase; partial loan payment is not permitted under this program.
While Maryland Mortgage program loans generally are limited to first-time homebuyers, the requirement is waived for certain exceptions.
It works like this –
- Have 1 buyer with a loan between $1,000 and $40,000
- Purchase a home in MD – Financing up to 95%
- Take a Homebuyers Class
- On your closing day, your student loan is paid off with a second 0% interest mortgage, forgivable over 5 years.
- Don’t have the 5% deposit?! – you can finance that too!
Contact us for more information on this exciting program!