(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 education” includes housing counseling.
(e) “Program” means the Down Payment and Settlement Expense Loan Program.
(f) “Program loan” means a loan that the Department makes under this subtitle.
(g) (1) “Settlement expenses” means money that must be paid at the time of the purchase of real estate.
(2) “Settlement expenses” includes:
(i) fees and premiums for title examination, title insurance, and similar expenses;
(ii) fees for preparing deeds, settlement statements, and other documents;
(iii) payments owed at settlement for property taxes and hazard insurance coverage;
(iv) escrows for future payments of taxes and hazard insurance;
(v) fees for notarizing deeds and other documents;
(vi) appraisal fees;
(vii) fees for credit reports;
(viii) transfer and recordation taxes and fees;
(ix) fees and premiums for mortgage insurance; and
(x) loan discount points and origination fees.