Maryland borrowers are required to receive written advice to participate in what type of program?

Maryland borrowers are required to receive written advice to participate in homebuyer education or counseling programs because these programs are designed to provide necessary information and skills related to the home buying process. Homebuyer education assists individuals in understanding the complexities of purchasing a home, including financial responsibilities, budgeting, and the various types of available mortgage options.

This requirement reflects Maryland's commitment to enhancing borrower knowledge and reducing the likelihood of foreclosure. By mandating written advice, it ensures that borrowers are well-informed about their rights and the steps they need to take to secure a mortgage successfully.

Options like credit counseling, debt management services, and financial literacy training, while important in their own right, do not specifically fulfill the state requirement regarding homebuyer education. The emphasis is specifically on preparing potential homebuyers with tailored guidance that equips them for the home purchasing journey.