Md. Code Regs. 05.03.06.05

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

Section 05.03.06.05 - Eligible Borrower

An eligible borrower shall:

A. Be one or more members of a household that owns or is purchasing, and shall hold title to, an eligible residence as set forth in Regulation .06 of this chapter;

B. Be 18 years old or older, unless married to a joint borrower who is 18 years old or older;

C. Meet income eligibility requirements as may be determined from time to time by the Secretary both for eligible borrowers and for tenants of multi-unit residences financed under the Program in accordance with Housing and Community Development Article, § 4-218, Annotated Code of Maryland;

D. Reside or intend to reside after purchase in an eligible property;

E. Have legal capacity to incur the obligations of the loan; and

F. Agree to comply with the loan terms and requirements established by the Administration.

Md. Code Regs. 05.03.06.05