It’s no secret that student loans are an obstacle for a significant number of people who want to qualify for a mortgage. Maryland’s Montgomery County is contemplating changing that for its residents in an effort to attract homebuyers. The proposed plan would use the very powerful municipal borrowing power of the county to refinance qualified loans at very low rates. That in turn could make it possible for a broader segment of the population to afford a home in what is one of the most expensive counties near Washington D.C.
You can read through the different issues of the proposal in this Washington Post article. We’re curious if any agents out there have buyers who were hoping to buy in Montgomery County but problems such as student loans held them back. Would this type of program help any buyers you have worked with recently?