Maryland Smartbuy Program

[Patricia Miller]

So I'm looking into buying a home in the near future. The program I'm interested in is the Smartbuy. They are willing to pay off my student loan of $32,000. My concern is that the APR:7.152% and LTV: 95% with an interest rate at 6.750%. Need some advice, because all these numbers seem to be on the high side. Should I be concern is it worth it? PS I have stay in the home for 5 yrs so the student loan can be forgiven. Help????

[Malkia Ra]

I sold a home to a buyer who participated in a Maryland first time homebuyer's program, and it worked out for her, as she had very little to put down.

I encourage anyone to take advantage of state-funded programs for home ownership; however the numbers you quoted ARE high.

If I were in your position, I'd personally shop for a loan with much better rates/terms, bring in additional income, and streamline my lifestyle down to bare-bones for as long as it takes to payoff the $32k on my own.