Maryland Mortgage Program

Maryland Department of Housing and Community Secretary Jake Day today announced that the Department has expanded the state’s landmark Maryland SmartBuy initiative, the Maryland Mortgage Program’s loan product for first-time homebuyers to purchase a home and pay off student debt. To help manage purchase costs, eligible homebuyers can now receive up to $25,000 in student loan payoff assistance – a 25% increase from the current $20,000 limit.

Maryland SmartBuy 3.0 enables qualified borrowers with student debt to purchase an eligible home in Maryland using conventional financing through the award-winning Maryland Mortgage Program. The Maryland SmartBuy program was created to make home purchasing more affordable for first-time homebuyers by eliminating eligible student loan payments.

When paired with downpayment assistance, the increase of student loan payoff assistance brings the average total aid to $40,000 for homebuyers earning below 50% of the Area Median Income, and slightly over $30,000 for all other Maryland Mortgage Program applicants. Eligible borrowers must meet all Maryland Mortgage Program underwriting requirements and must have a minimum remaining student loan balance of $1,000, with a maximum eligible payoff amount equal to 15% of the home purchase price or $25,000, whichever is lower.

The announcement of the program expansion marks the start of National Homeownership Month in June, which celebrates the impact of homeownership on families, neighborhoods and communities. Learn more about this expansion and MMP here: https://bit.ly/4okHL8t

Today, the Maryland Department of Housing and Community Development recognized the top performing lender and realtor partners of 2025 today during the Maryland Mortgage Program’s annual awards event.

For more than 40 years, the Maryland Mortgage Program has provided sustainable, fixed-rate mortgages, primarily to first-time homebuyers. Program borrowers receive access to down payment and closing cost assistance and, if eligible, student debt relief through the popular Maryland SmartBuy initiative.

Thursday’s event featured remarks from Secretary Jake Day and Maryland Mortgage Program Director Maddy Ciulu, along with representatives from Maryland Realtors, U.S. Bank and the Maryland Mortgage Bankers and Brokers Association-MMBBA. Afterwards, several partners were recognized for their accomplishments.

Congratulations to this year's awardees!

For more details on the event and the lenders that were honored, click the following link: https://news.maryland.gov/dhcd/2026/03/26/maryland-mortgage-program-recognizes-top-2025-lender-and-realtor-partners-at-annual-awards-ceremony/?fbclid=IwY2xjawQyRl5leHRuA2FlbQIxMABicmlkETFXZEpOSGxkN0gzZjFBeEdDc3J0YwZhcHBfaWQQMjIyMDM5MTc4ODIwMDg5MgABHpxd7ypleZRupd0Wr9XeonvJABp--bpBytdfLXcuVQky-qrOR2VDN-7BinWg_aem_4h4LNKVdo4VQuwngH_Fnvg