§ 4-810

Maryland § 4-810

• Jurisdiction: Maryland
• Article ghs: Housing and Community Development
• Title: 4

Text

(a) To qualify for a loan under § 4-804(1)(i), (4), or (5) of this subtitle, an applicant:

(1) shall be a member of a household of limited income;

(2) on closing of the loan, shall intend to reside in the home to be financed;

(3) may not own other property used as the applicant’s personal residence; and

(4) in the estimation of the Department, shall lack the financial resources to obtain a private conventional mortgage or to qualify for other departmental loan programs.

(b) To qualify for a loan under § 4-804(1)(ii) of this subtitle, an applicant:

(1) shall agree in writing to live as an owner-occupant in one of the units of a residential building with no more than four units;

(2) shall agree in writing to rent each unit other than the applicant’s unit to a household of limited income; and

(3) in the estimation of the Department, shall lack the financial resources to obtain a private conventional mortgage or qualify for other departmental loan programs.

(c) To qualify for a loan under § 4-804(2) of this subtitle, an applicant shall agree to sell or rent each dwelling unit constructed or rehabilitated with the proceeds of the loan to a household of limited income.

(d) To qualify for a loan under § 4–804(6) of this subtitle, an applicant shall:

(1) own and occupy the home as the applicant’s principal residence; and

(2) meet the income requirements set by the Department.