Md. Code Regs. 05.03.04.06

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Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.03.04.06 - Loan Purposes

A loan may be used to pay up to 100 percent of the following types of settlement expenses:

A. Fees or premiums for title examination, title insurance, or similar expenses;

B. Fees for preparation of a deed, settlement statement, or other documents;

C. Payments owed at the time of settlement for property taxes or hazard insurance coverage;

D. Escrows for future payments of taxes and hazard insurance;

E. Fees for notarizing deeds and other documents;

F. Appraisal fees;

G. Fees for credit reports;

H. Transfer and recordation taxes and fees;

I. Fees or premiums for mortgage insurance;

J. Loan discount points and origination fees;

K. Down payments;

L. Up to 30 days' worth of prepaid interest;

M. Home inspection fee; and

N. Other settlement expenses as may be approved by the Program before the loan closing.

Md. Code Regs. 05.03.04.06

Regulations .06 adopted as an emergency provision effective December 13, 1988 (15:27 Md. R. 3114); emergency status extended at 16:12 Md. R. 1331; emergency status expired October 31, 1989
Regulations .06 adopted effective December 11, 1989 (16:24 Md. R. 2616)
Regulation .06 amended as an emergency provision effective December 8, 1995 (22:26 Md. R. 2024); amended permanently effective July 1, 1996 (23:13 Md. R. 939)