MD will pay up to 15% of purchase price of home, towards student debt (Baltimore: credit)

[bande1102]

MD SmartBuy program:

https://www.washingtonpost.com/news/...oan-borrowers/

Preface this by saying, this article is horribly written, imo. If you buy a house owned by the state's housing department(mainly Baltimore or PG county), the state will give up to 15% of the purchase price to pay off student loans. You must pay off the remainder of the loan (if there is any) at closing. You have to stay in the house for 5 years.

Here's an example from the article : Say a buyer with $35,000 in student loans is interested in a $200,000 house. SmartBuy would cover $30,000 of that debt — an amount equal to 15 percent of the purchase price — leaving the buyer responsible for the remaining $5,000.

[papichulo2]

it makes sense to not buy a house until u get your credit up.

[Richard Martin]

Originally Posted by bande1102

Preface this by saying, this article is horribly written, imo.

Here's an example from the article : Say a buyer with $35,000 in student loans is interested in a $200,000 house. SmartBuy would cover $30,000 of that debt — an amount equal to 15 percent of the purchase price — leaving the buyer responsible for the remaining $5,000.

I don't see the problem here? The math is good. Is there a problem with the sentence structure?

[G1..]

Originally Posted by bande1102

MD SmartBuy program:

https://www.washingtonpost.com/news/...oan-borrowers/

Preface this by saying, this article is horribly written, imo. If you buy a house owned by the state's housing department(mainly Baltimore or PG county), the state will give up to 15% of the purchase price to pay off student loans. You must pay off the remainder of the loan (if there is any) at closing. You have to stay in the house for 5 years.

Here's an example from the article : Say a buyer with $35,000 in student loans is interested in a $200,000 house. SmartBuy would cover $30,000 of that debt — an amount equal to 15 percent of the purchase price — leaving the buyer responsible for the remaining $5,000.

So a $200,000 home =$40,000 deposit not including closing about $5/7,000 more and to pay off the remaining student debt at closing also another $5,000 in your example ,is that right? Seems to be and awful lot of cash going out ,hell if they had that and could save that they could just payoff the loan in the first place.My point is not many can save that much cash while carring that much debt.