(a) In this subtitle the following words have the meanings indicated. (b) “Eligible homebuyer” means an individual who meets the qualifications under § 4-305 of this subtitle. (c) “Fund” means the Homeownership Programs Fund. (d) (1) “Homebuyer education” means instruction in preparing for homeownership, shopping for a home, getting a mortgage loan, loan closing, and life as a homeowner. (2) “Homebuyer […]
There is a Down Payment and Settlement Expense Loan Program.
The purpose of the Program is to provide financing for down payment and settlement expenses to enable eligible homebuyers to purchase homes.
(a) The Department may: (1) charge an application fee or other fee to a Program loan applicant or lender; (2) purchase or make commitments to purchase Program loans made by mortgage lenders; (3) make contracts with third parties to make or service mortgage Program loans made for the Department; (4) acquire any property that secures a Program loan under this […]
An individual qualifies as an eligible homebuyer if the individual: (1) will purchase and occupy a single-unit principal residence and has household income not exceeding upper limits that the Secretary establishes; or (2) will purchase and occupy a residential building with no more than four units and agrees to rent all units other than the owner’s unit […]
The Program shall be operated with money in the Fund.
(a) Proceeds of a Program loan shall be used only to make a down payment or pay settlement expenses for an eligible homebuyer to purchase a personal residence. (b) A Program loan shall be secured by a mortgage lien that: (1) may be subordinate to other mortgage liens; and (2) may include terms, including deferred payment of principal and […]
(a) Subject to subsection (b) of this section, a recipient of a Program loan shall complete homebuyer education that meets the requirements of the Department. (b) The Department’s homebuyer education requirements shall: (1) allow a Program loan recipient to use the online homebuyer education for a HUD–approved product and contact a HUD–approved counseling agency to receive a certificate; […]
(a) (1) A person may not knowingly make or cause to be made a false statement or report in a document required to be submitted to the Department under an agreement relating to a Program loan. (2) A loan applicant may not knowingly make or cause to be made any false statement or report to influence an action […]
