Just the other day a buyer mentioned to me she was worried about buying a house because of student loan debt. She is not the only one with student loans. The class of 2016 will graduate with an average of $37,172 of loan debt. FED chair Janet Yellen just told the House Financial Services Committee that she felt that student loan debt is slowing the millennials from purchasing homes.
Tuesday, Maryland announced a new program to help students buy their first home. It's called Maryland SmartBuy.
“With the launch of SmartBuy, Maryland is among the first in the nation to actively address student debt as an obstacle to homeownership,” said Lt. Governor Rutherford. “We recognize that first-time homebuyers play a pivotal role in the health of the housing market, which is critical to the strength of Maryland’s overall economy.”
The program is under the Maryland Mortgage program. The law authorizes the department to add student loan payments to the other financial assistance offered under the program. Here's some of the savings for buyers
· Eliminate the buyer’s student loan debt;
· Provide the buyer with one convenient payment per month;
· Enable the buyer to access attractive financing and closing cost assistance;
· Ensure a safe, streamlined, and straightforward home buying and financing experience.
Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. “We want to empower young people to establish roots in Maryland and help strengthen our state as they enjoy the financial security of homeownership.” The program hopes to eliminate one of the biggest road blocks to first time home ownership… Student loans,
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