Md. Code Regs. 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, ยง
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.
Notes
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