§ 4-810. Eligibility for loan -- In general

   (a) Qualifications for loan for primary residence. -- 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 estimation of the Department, shall lack the financial resources to obtain a private conventional mortgage or to qualify for other departmental loan programs.

(b) Qualifications for loan as owner-occupant landlord. -- To qualify for a loan under § 4-804(1)(ii) of this subtitle, an applicant:

   (1) shall agree in writing to live as an owner-occupant in one of the units of a residential building with no more than four units;

   (2) shall agree in writing to rent each unit other than the applicant's unit to a household of limited income; and

   (3) in the estimation of the Department, shall lack the financial resources to obtain a private conventional mortgage or qualify for other departmental loan programs.

(c) Qualifications for loan to developer. -- To qualify for a loan under § 4-804(2) of this subtitle, an applicant shall agree to sell or rent each dwelling unit constructed or rehabilitated with the proceeds of the loan to a household of limited income.

(d) Qualifications for loan for redemption of ground leases. -- To qualify for a loan under § 4-804(6) of this subtitle, an applicant shall:

   (1) own and occupy the home as the applicant's principal residence; and

   (2) meet the income requirements set by the Department.

HISTORY: An. Code 1957, art. 83B, § 2-605; 2005, ch. 26, § 2; 2007, chs. 292, 293.