(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.
(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.
(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.
