How do I get rid of student loan debt in Maryland?

By
Mortgage and Lending with Corridor Mortgage Group 410-960-2061 NMLS 196068

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!

 

Get rid of student loan loan forgiveness

*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?

 

 

Posted by

Warm Regards,

Bridget McGee  Maryland Mortgage Mama  NMLS# 196068  Corridor Mortgage Group.   410-960-2061 EHO   bmcgee@corridormtg.com or marylandmortgagemama@gmail.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.

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Topic:
Mortgage / Finance
Location:
Maryland
Tags:
smart buy
student loan debt
smartbuy
maryland mortgage program
maryland mortgage mama
buying a home with student loans
student loan forgiveness
get rid of student loans

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Rainer
10,158
EZ Online Mortgage
EZ Online Mortgage - Valley Village, CA
Get secure mortgage loans with EZ Online Mortgage

Hello Bridget,

I would advise combining a large student loan amount into my mortgage if you could do so? And if student loan is a higher interest rate than my mortgage, and if You have the equity.  How ever I'm not an accountant, please ask a financial adviser before doing anything.  Good Luck :)

Nov 18, 2016 04:51 AM #1
Rainmaker
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Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

So many loan programs, so many variables. Every Realtor should have a trusted loan officer on speed dial!

Sep 11, 2017 01:14 AM #2
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Rainmaker
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Bridget "Mortgage Mama" McGee

Maryland Mortgage Mama NMLS#196068
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