Maryland SmartBuy Program Checklist
A comprehensive guide for applicants of the Maryland SmartBuy Program in 2025.
Assess Your Eligibility
- Verify that you have an existing student loan debt with a minimum balance of $1,000.
- Ensure that your total student loan debt does not exceed 15% of the home's purchase price, with a maximum payoff amount of $20,000.
- Confirm that the property you intend to purchase is located in Maryland, meets Maryland Mortgage Program guidelines, and will serve as your primary residence.
- Meet all standard eligibility requirements of the Maryland Mortgage Program, including income limits and credit qualifications.
Gather Necessary Documentation
- Collect recent pay stubs, W-2 forms, or other proof of income.
- Obtain copies of your tax returns for the past two years, including all schedules.
- Compile bank statements from the last two to three months for all financial accounts.
- Prepare detailed information about your student loans, including current balances and lender statements.
- Assemble property details, including the address, purchase agreement, and sale price.
- Gather any additional documents requested by your Loan Officer, such as verification of assets, debts, or liabilities.
Collaborate with Your Assigned Loan Officer
- A Loan Officer will be assigned to guide you through the Maryland SmartBuy Program application process.
- Schedule an initial meeting or call with your Loan Officer to discuss eligibility requirements and outline the application steps.
- Clarify any questions regarding the program, required documentation, or the application process.
- Follow your Loan Officer's instructions to efficiently gather and submit all necessary documentation.
Complete Your Application
- Work closely with your Loan Officer to fill out your application for the Maryland SmartBuy Program.
- Provide all required documents to confirm your eligibility for the program and associated mortgage assistance.
- Review your application with your Loan Officer to ensure it is accurate and complete before submission.
- Complete a homebuyer education course, as required by the program, prior to closing on your home.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any expenses not covered by the program, such as additional closing fees or prepaid items.
- Ensure that your student loan debt is fully paid off at the time of home purchase, as mandated by the program.
- Receive confirmation of your enrollment and details on how the assistance will be applied to your home purchase.
Maintain Program Compliance
- Ensure the purchased property remains your primary residence for the duration specified by the program.
- Inform your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as this could impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your assistance benefits.