(a) In this subtitle the following words have the meanings indicated. (b) (1) “Adjusted annual income” means gross income from all sources with adjustments, as determined by the Department, made for unusual or temporary income items and long-term unusual expenses such as medical, rehabilitation, or special education expenses. (2) “Adjusted annual income” includes: (i) wages; (ii) investment income; (iii) Social Security payments; […]
This subtitle applies only to loans that the Department makes under this subtitle or that were made before July 1, 1989, under the Maryland Home Financing Program, the Reverse Equity Loan Program, or the Homeowners’ Emergency Mortgage Assistance Program.
There is a Maryland Home Financing Program.
The purposes of the Program are to make, participate in making, and purchase: (1) preferred interest rate loans to acquire, acquire and rehabilitate with or without demolition or lot consolidation, or refinance a primary residence by: (i) households of limited income that will occupy single–unit primary residences; or (ii) owner–occupants of residential buildings with not more than four […]
The Department may: (1) contract for services related to the Program; (2) contract with private mortgage servicers to perform on behalf of the Department functions the servicers ordinarily perform, including foreclosure and employment of counsel; (3) require payment of a nonrefundable application fee; (4) purchase or commit to purchase from mortgage lenders notes or mortgages that meet the requirements […]
(a) The Department shall: (1) manage the Program in a manner that: (i) serves all areas of the State; and (ii) does not create or aggravate low-income concentrations that adversely affect communities; (2) periodically set upper limits on adjusted annual income; (3) use federal or State programs that complement or facilitate carrying out the Program; and (4) adopt regulations to carry out […]
(a) In setting upper limits on adjusted annual income, the Department shall consider factors including: (1) the total income of each individual expected to live in the home; (2) the size of the household; (3) the cost of available housing facilities; (4) the ability of the household to compete successfully in the conventional private housing market; and (5) pertinent standards and […]
The Program shall be operated with the money in the Fund.
To apply for a loan under this subtitle, an applicant shall submit: (1) a completed application in a form that the Department requires; (2) a copy of the applicant’s latest State income tax return or other available verification of income, unless the application is for a loan under § 4-804(1)(i) or (2) of this subtitle; and (3) any […]
(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 […]
(a) To qualify for an emergency assistance loan made under § 4-804(4) of this subtitle, an applicant: (1) shall be unable to keep payments current on the applicant’s home mortgage because of unforeseeable adverse personal or economic circumstances; (2) shall be at risk of forfeiting title to the applicant’s home; and (3) reasonably may be expected to resume regular […]
To qualify for a reverse equity loan under § 4-804(5) of this subtitle, an applicant shall: (1) be at least 62 years old when the loan closes; and (2) need financial assistance with housing-related expenses or personal expenses that enable the owner to continue to occupy the home.
(a) To qualify for a short-term construction loan under § 4-804(2) of this subtitle, a developer or nonprofit sponsor shall: (1) provide construction costs, marketing data, and other information the Department requires; and (2) have a commitment from the Department under § 4-815(j) of this subtitle for permanent financing for the sale of each residence to be built […]
To qualify for a preferred interest rate loan to refinance an existing home under § 4-804(1) of this subtitle, an applicant shall: (1) be unable to keep payments current on the applicant’s home mortgage because of exceptional adverse personal or economic circumstances; and (2) risk forfeiting title to the applicant’s home.
(a) As to each loan, the Department may set: (1) the principal amount, subject to subsection (f) of this section; (2) the term of the loan, not to exceed 40 years except in the case of a reverse equity loan made under subsection (b)(3) of this section; (3) the interest rate, which may be adjustable under subsection (g) of […]
(a) A person may not knowingly make or cause to be made any material misstatement of fact, including an understatement or overstatement of financial condition, in a statement or report that: (1) is in or relates to a loan application under this subtitle; or (2) affects a loan already made under this subtitle. (b) A person who violates this […]
