Section 4-810 - Eligibility for loan - In general. - Maryland Statutes

§ 4-810. Eligibility for loan - In general.
 

(a)  Qualifications for loan for primary residence.- 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)  Qualifications for loan as owner-occupant landlord.- 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)  Qualifications for loan to developer.- 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)  Qualifications for loan for redemption of ground leases.- 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. 
 

[An. Code 1957, art. 83B, § 2-605; 2005, ch. 26, § 2; 2007, chs. 292, 293.]