Maine lawmakers propose paying off $40,000 of your student loans if you move there and buy a home
Maine politicians are trying to attract the younger generation by forgiving up to $40,000 in student loan debt to first-time homebuyers.
Maine Senate President Troy Jackson told Business Insider has a tough time filling its job market. Residents in the state are getting older and retiring, while at the same time, younger people may not have the capital for a down payment or the financial record of an experienced buyer.
“A lot of people are trapped in debt. I believe very strongly that was by design,” Jackson said.
According to a Maine State Housing Authority report, the top two reasons people are waiting to buy a house are unable to save enough for a down payment and they don’t feel financially secure enough because of existing loan debt.
The Maine Smart Buy Program would allow qualifying first-time homebuyers to buy a home through the MaineHousing First Home Loan Program and receive forgiveness of up to $40,000.
The program is designed after similar programs in Maryland and Illinois. To be eligible, people must have a student debt balance between $5,000 and $40,000 and work with the state to pay off the debt by the time participants buy their homes. They must use the home as their primary residence for at least five years or they will be required to pay a portion of the student loan assistance back to the state.
Participants must have a minimum credit score of 640 to be eligible and the home must be valued between $86,600 and $131,100 depending on location and family size. Other requirements of the bill are still being worked on by the Maine Senate which is in session until April.
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