reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.03 - Emergency Mortgage Assistance Program › Section 05.03.03.05 - Eligible Borrowers

Current through Register Vol. 51, No. 14, July 12, 2024
A. At the time of application, an eligible borrower:
(1) Shall be likely to have to forfeit title to an eligible residence defined in Regulation .04 if the borrower does not receive a loan through the Program;
(2) Shall be unable to keep payments on the borrower's home mortgage loan or loans current due to loss of income caused by one or more of the following unforeseeable adverse personal or economic circumstances:
(a) Involuntary unemployment of a borrower,
(b) Onset of a borrower's disability or handicap,
(c) Divorce from a co-borrower,
(d) Death of a spouse or other co-borrower,
(e) Incarceration of a spouse or other co-borrower,
(f) Business reversal leading to sustained material loss of income, or
(g) Other circumstances of unforeseeable hardship as determined by the Program;
(3) May not have an unforeseeable hardship which is caused by:
(a) Current or former distribution of controlled dangerous substances by the borrower;
(b) Current use or possession of controlled dangerous substances by the borrower; or
(c) Former use or possession of a controlled dangerous substance by a borrower who is not a recovering addict which means someone:
(i) Who has successfully completed a supervised drug rehabilitation program and is no longer engaged in the illegal use of drugs, or has otherwise been rehabilitated successfully and is no longer engaging in illegal drug use; or
(ii) Is participating in a supervised rehabilitation program and is no longer engaging in illegal drug use.
(4) Reasonably may be expected by the Program to resume regular mortgage loan payments within 24 months after the Program loan closes.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.03 - Emergency Mortgage Assistance Program › Section 05.03.03.06 - Eligible Uses

Current through Register Vol. 51, No. 14, July 12, 2024
A. The proceeds of a loan made through the Program may be used to:
(1) Make up to 36 payments of principal and interest on the superior mortgage loan or loans as follows:
(a) Up to 12 of the payments may be payments which are overdue and unpaid at the time the loan made through the Program closes,
(b) Not more than 24 of the payments may be payments which become due after the loan through the Program closes, and
(c) Not more than a total of 36 of the payments of principal and interest may be made from the proceeds of the loan, whether the payments are as described in §A(1)(a) or (b), above, or a combination of them;
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.03 - Emergency Mortgage Assistance Program › Section 05.03.03.07 - General Loan Terms and Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Loan Amount. The loan amount may not exceed the lesser of:
(1) An amount which, when added to the outstanding balance of the superior mortgage lien or liens, does not exceed 100 percent of the value of the eligible residence as determined by the Program, except that in an extraordinary case, approved by written determination of the Director of the Program, the amount may be increased to an amount up to 110 percent of the value of the eligible residence;
(2) The maximum amount for which the borrower is eligible under Regulation .06A;
(3) The amount the borrower reasonably can be expected to be able to afford to repay, in the estimation of the Program; or
(4) The maximum loan amount for the Program, as determined by the Secretary from time to time.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.03 - Emergency Mortgage Assistance Program › Section 05.03.03.08 - Loan Terms Governing Disbursement of Loan Proceeds and Repayment of the Loan

Current through Register Vol. 51, No. 14, July 12, 2024
A. Disbursement of Loan Proceeds.
(1) For a period of up to 6 months from the date of the loan closing, the Program may disburse loan proceeds to the mortgagees or other parties as may be owed payments or fees based on the information provided in the borrower's application.
(2) After the initial 6-month period, the borrower may make additional requests for disbursement of loan proceeds to the mortgagees or other parties as may be owed payments or fees. Each request shall satisfy the following requirements:
(a) The request shall be for a period of not more than 6 months;
(b) The period of time for which loan disbursements are requested shall end not later than 24 months after the loan closing;
(c) The amount of the request may not cause the loan to exceed the maximum loan amount stated in the borrower's loan documents;
(d) The request shall be made on the form provided by the Program, and shall be submitted to the Program within the time period required by the Program;
(e) The request form shall be accompanied by updated information requested by the Program about the financial circumstances of the borrower's household. The information provided shall satisfy the Program that the borrower continues to be eligible for assistance under the Program.
(3) Loan proceeds may not be disbursed by the Program on behalf of the borrower once 24 months have passed since the date of the loan closing.
(4) The Program, in its discretion, may reevaluate the borrower's financial circumstances at any time during the time that loan proceeds are being disbursed. If the borrower fails to provide information reasonably requested by the Program, or if the Program determines that the borrower is no longer eligible for assistance, then the Program may discontinue any further loan disbursements.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.03 - Emergency Mortgage Assistance Program › Section 05.03.03.09 - Applications

Current through Register Vol. 51, No. 14, July 12, 2024
A. To apply for a loan, an applicant shall;
(1) Submit a completed application in such form as the Department may require;
(2) Supply a copy of the latest State income tax return, if appropriate, for each member of the household, or other available verification of any existing household income; and
(3) Submit any other information or documentation reasonably requested by the Program in order to establish eligibility and qualifications for a loan.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.03 - Emergency Mortgage Assistance Program › Section 05.03.03.10 - Loan Closings

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Program shall establish procedures for closing the loans either by the Department directly or by an authorized agent.
B. Loan closings shall be scheduled at a time and place acceptable to the Program and the borrower, and conducted in a manner acceptable to the Department and the Office of the Attorney General.
C. Title. The Program shall require a title binder or property and judgment report, which shall be updated for the closing. The binder or report shall be in a form, and prepared by a company, acceptable to the Program, and the contents of the binder or report shall be acceptable to the Program. The Program may require additional evidence that title to the eligible residence is vested in the borrower and is subject only to exceptions and encumbrances acceptable to the Program.
D. Charges and Fees. The borrower is responsible for paying closing costs. Payment may be made directly by the borrower or may be financed by the Program loan in accordance with Regulation .06A(3), above.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.03 - Emergency Mortgage Assistance Program › Section 05.03.03.11 - Default

Current through Register Vol. 51, No. 14, July 12, 2024
A. In the event of default, as provided in the legal documents, or in the event of a prospective default, the Department may:
(1) Modify the rate of interest;
(2) Defer payment of principal, interest, or both, or forgive interest;
(3) Modify the term of the loan;
(4) Modify the loan in any other way in order to promote repayment of the loan and achieve the purpose of the Program; or
(5) Accelerate the loan and foreclose on the mortgage or accept a deed in lieu of foreclosure.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.03 - Emergency Mortgage Assistance Program › Section 05.03.03.12 - Financial Counseling

Current through Register Vol. 51, No. 14, July 12, 2024
A. Each borrower shall participate in a financial counseling program acceptable to the Department unless, in the written determination of the Program, a financial counseling program is not available for the borrower or the Program otherwise determines that financial counseling is not necessary.
B. In order to be acceptable to the Department, a financial counseling program shall:
(1) Require financial counseling before the loan is approved and after the loan closes, to the extent determined necessary by the Program;
(2) Provide credit counseling, including counseling about budget planning;
(3) Provide mortgage delinquency counseling, including a plan to address alternatives to a program loan such as:
(a) A repayment plan with the mortgagee or mortgagees,
(b) A forbearance agreement,
(c) A refinancing of the existing mortgage debt,
(d) Assistance from federal and private programs, and
(e) Sale by the owner directly to a third party instead of foreclosure.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.03 - Emergency Mortgage Assistance Program › Section 05.03.03.13 - Program Operation and Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. Forms and Documentation. The application and the loan documents shall be made upon standard forms prescribed by the Program.
B. Program Fund Allocations.
(1) It is the intent of the Department that Program funds be distributed Statewide to eligible applicants and borrowers.
(2) Program funds shall be made available to eligible loan applicants on a first-come first-served basis.
(3) The Secretary may reserve a portion of the Program funds to be used for emergency circumstances.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.03 - Emergency Mortgage Assistance Program › Section 05.03.03.14 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is not inconsistent with the Act if:
A. Conformance to the requirements of any federal, State, or local programs in connection with a loan necessitates waiver or variance of a regulation; or
B. In the written determination of the Secretary, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purpose of the Act.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.03 - Emergency Mortgage Assistance Program › Section 05.03.03.15 - False Statements

Current through Register Vol. 51, No. 14, July 12, 2024
A borrower who knowingly makes or causes to be made any material statement or material misstatement of fact, whether in the nature of an understatement or overstatement of financial condition or any other fact material to the Department's action, shall be subject to immediate acceleration of the loan, in addition to the criminal penalties authorized by Housing and Community Development Article, §
									4-816, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.01 - General

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter prescribes the policies, procedures, and authorizations for making mortgage loans to pay for settlement expenses for purchasing a home.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.02 - Objective

Current through Register Vol. 51, No. 14, July 12, 2024
The objective of the Downpayment and Settlement Expense Loan Program is to provide financing for settlement expenses for eligible home buyers who lack the resources to purchase a home.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.04 - Eligible Borrowers

Current through Register Vol. 51, No. 14, July 12, 2024
A. An eligible borrower:
(1) Shall be one or more members of a household who are purchasing, and shall hold title to, an eligible residence in Maryland;
(2) Shall be 18 years old or older, unless married to a joint borrower who is 18 years old or older;
(3) Shall be a home buyer of eligible income;
(4) Shall intend the borrower's primary residence to be the eligible residence for which settlement expenses are financed by the Program;
(5) May not have assets or resources, such as savings accounts, checking accounts, certificates of deposit, money market accounts, or other bank accounts, or proceeds from the sale of real property or a mobile home or other personal property, but not including individual retirement accounts or other similar accounts as approved by the Program, which could enable the borrower to pay for the settlement expenses and the minimum down payment required by the first mortgage lender, without assistance from the Program;
(6) Shall have legal capacity to incur the obligations of the loan;
(7) Shall agree to comply with the requirements established by the Program and with the terms of the loan.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.05 - Eligible Residences

Current through Register Vol. 51, No. 14, July 12, 2024
A. An eligible residence shall:
(1) Be a newly constructed or existing dwelling of not more than four residential units, one of which shall be occupied by the borrower;
(2) Be located in the State;
(3) Be real property that will be purchased by the borrower in fee simple or under a ground lease which permits the lessee to transfer the leasehold interest without the consent of the lessor;
(4) Have an acquisition cost that does not exceed the acquisition cost limits as may be established by the Secretary from time to time; and
(5) If new construction, be located within a priority funding area identified under State Finance and Procurement Article, § 5-7 B-02, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.06 - Loan Purposes

Current through Register Vol. 51, No. 14, July 12, 2024
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.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.07 - Loan Terms and Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Loan Amount.
(1) The Program shall determine limits on loan amounts from time to time.
(2) In making the determination under §A(1) of this regulation, the Program may consider factors including the following:
(a) Regional costs of affordable housing;
(b) The amount and payment terms of other financing available to borrowers; and
(c) Exceptional circumstances in individual cases or projects.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.08 - Fees

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Program may set a maximum fee that mortgage lenders can charge borrowers to process the application for a loan. The fee may be financed as part of the loan.
B. At loan closing, the borrower may be charged not more than customary and usual amounts for settlement costs.
C. In determining the settlement expenses which may be financed by a loan under the Program, the Program may set a maximum amount for legal fees, title searches, appraisals, and other services as the Program deems necessary.
D. The Department may charge application fees to loan applicants or mortgage lenders.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.09 - Program Operation

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Program shall establish procedures to operate the Program.
B. The Program may:
(1) Provide for a process by which mortgage lenders are certified to originate, sell, and service the loans;
(2) Enter into servicing agreements with mortgage lenders or other mortgage loan servicers acceptable to the Department;
(3) Prescribe the documentation required to establish an applicant's eligibility;
(4) Prescribe the form of legal documents to be used in closing the loans;
(5) Enter into agreements with local governments and nonprofit organizations to assist in the operation and funding of the Program.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.10 - Default

Current through Register Vol. 51, No. 14, July 12, 2024
In the event of default, as provided in the legal documents, the Department may:
A. Modify the rate of interest;
B. Defer payment of principal, interest, or both;
C. Modify the term of the loan;
D. Modify the loan in any other way in order to promote repayment of the loan and achieve the purposes of the Program; or
E. Foreclose the loan or accept a deed instead of foreclosure.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.11 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is not inconsistent with the Act if:
A. Conformance to the requirements of any federal, State, or local programs in connection with a loan necessitates waiver or variance of a regulation; or
B. In the written determination of the Secretary, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purposes of the Act.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.12 - Program Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. An action or decision required or permitted to be taken or made by the Department pursuant to the Act or these regulations, except for waiver under Regulation .11, may be taken by the Director of the Division of Housing Finance of the Department, or the Director's designees.
B. The Department may establish from time to time operational handbooks or manuals governing matters relating to the Program including descriptive statements of program procedures which do not directly affect the rights of, or the procedures available to, the public.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.13 - False Statements

Current through Register Vol. 51, No. 14, July 12, 2024
A borrower who knowingly makes or causes to be made a false statement or report, whether in the nature of an understatement or overstatement of financial condition or any other fact material to the Department's action, shall be subject to immediate acceleration of the loan, in addition to the criminal penalties authorized by Housing and Community Development Article, §
									4-309, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.14 - Severability

Current through Register Vol. 51, No. 14, July 12, 2024
The provisions of these regulations are severable. A judgment by any court of competent jurisdiction finding or declaring that any provisions of these regulations or the application of any provision to any person or circumstance is invalid does not affect the validity of the remaining provisions of the regulations or any other application of these regulations, and the remaining regulations shall have full force and effect as if a judgment had not been entered.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.01 - General

Current through Register Vol. 51, No. 14, July 12, 2024
These regulations prescribe the policies, procedures, and authorizations for making home equity mortgage loans, with principal and interest repayment deferred, to elderly homeowners of limited income.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.02 - Objective

Current through Register Vol. 51, No. 14, July 12, 2024
The objective of the Program is to provide an eligible borrower with a line of credit, secured by the borrower's home, which is based on the equity in the home and the age of the borrower. The loan proceeds are to be used for housing-related expenses and other personal expenses which enable the borrowers to continue to occupy their homes. In general, payment of principal or interest is not required until the borrower dies or moves out of the home, or until the home is sold, except that the Program has the right to foreclose in the event of a default. In general, the Program will look to the equity in the home for repayment of principal and interest. There are restrictions on the line of credit, including a limit on the amount the borrower can draw each year on the line of credit, and the Program's right to refuse to make disbursements to a defaulting borrower. In addition, because Program funding is appropriated annually by the legislature, there is no assurance that an approved line of credit can be drawn on by a borrower in any year, or that the borrower will ever be able to draw on the entire amount of the borrower's maximum line of credit.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.04 - Eligible Borrowers

Current through Register Vol. 51, No. 14, July 12, 2024
A. Each individual borrower and each joint borrower, shall meet the following requirements:
(1) Be at least 65 years old;
(2) Have a total household income which does not exceed the limits established by the Department from time to time;
(3) Have the legal capacity, or the necessary legal authority in the case of someone acting on behalf of the borrower, to incur the obligations of the loan; and
(4) Agree to comply with the terms of the loan and the requirements established by the Program.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.05 - Eligible Homes

Current through Register Vol. 51, No. 14, July 12, 2024
A. The home shall meet the following requirements:
(1) Be the primary residence of the individual borrower, or at least one of the joint borrowers; and
(2) Be real property owned by the individual borrower, or all of the joint borrowers, in fee simple or under a freely transferable, perpetually renewable, ground rent lease which permits the lessee to transfer the leasehold interest without the consent of the lessor.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.06 - Eligible Uses

Current through Register Vol. 51, No. 14, July 12, 2024
A. The proceeds of the loan may be used to pay the following costs and expenses:
(1) Necessary home repair, home maintenance, adaptation, or modification;
(2) Ongoing housing expenses, including:
(a) Payoff of the existing mortgage or mortgages,
(b) Property tax payments,
(c) Utility costs,
(d) Homeowner's insurance premiums including all types required under Regulation .07K,
(e) Ground rent, and
(f) Other housing expenses approved by the Program;
(3) Health and long term care expenses that enable the borrower to remain at home, including but not limited to:
(a) Adult day care,
(b) Attendant care,
(c) Durable medical equipment,
(d) Health, supplemental medicare or other long term care insurance premiums,
(e) Home health care,
(f) Hospice care,
(g) Housekeeping assistance,
(h) Nursing home expenses for a temporary stay for a borrower,
(i) Prescription drugs; and
(4) Other expenses, as approved by the Program, related to the borrower's maintaining independence in the home.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.07 - Loan Terms and Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Each loan shall be made subject to the requirements of this regulation.
B. Equity in the Home. The equity in the home shall be determined by subtracting any existing indebtedness on the home from the value of the home. At the time of application, the value of the home may be established by using the current assessed value of the home, or, at the request and expense of the borrower and with Program approval, by using an appraisal submitted in a form and manner and by an appraiser acceptable to the Program.
C. Line of Credit.
(1) Scale of Equity Percentages.
(a) The Secretary shall determine, from time to time, a scale of equity percentages representing the percentage of equity in the home which may be used to calculate the borrower's maximum line of credit. The scale of equity percentages shall vary inversely in relation to the age of the borrower.
(b) The scale of equity percentages determined in accordance with §C(1)(a) of this regulation is set forth in the table below:
Age of the Borrower Equity Percentage 65-69 30 percent 70-74 40 percent 75-79 50 percent 80-84 60 percent 85 or more 75 percent
(c) The scale of equity percentages may be adjusted from time to time by determination of the Secretary to:
(i) Respond to changes in property values;
(ii) Take into account Program experience in making loans and receiving repayments of loans; and
(iii) Take into account other factors relevant to the Program and considered appropriate by the Secretary to periodic adjustment of the scale.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.08 - Availability of Future Funding

Current through Register Vol. 51, No. 14, July 12, 2024
The Department shall establish the maximum dollar amount of equity payments authorized for disbursement to each borrower for each fiscal year. Because Program funding is appropriated annually by the legislature, there is no assurance that an approved line of credit can be drawn on by the borrower in any year, or that the borrower will ever be able to draw on the entire amount of the borrower's maximum line of credit.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.09 - Loan Closing

Current through Register Vol. 51, No. 14, July 12, 2024
A. Time and Place. The loan closing shall be scheduled at a time and place acceptable to the borrower and the Program and conducted in a manner acceptable to the Program.
B. Title Insurance. The borrower shall provide at closing a standard American Land Title Association Loan Policy that is acceptable to the Program, insuring the Department for an amount equal to the borrower's maximum line of credit. The title policy shall evidence that title to the home is vested in the borrower, or the joint borrowers as the case may be, and contain only those exceptions and encumbrances acceptable to the Program.
C. Charges and Fees. The borrower is responsible for paying closing costs. Payment may be made directly by the borrower or may be financed by the loan as described in Regulation .06B.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.10 - Program Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. Forms and Documentation. The application and the loan documents shall be made upon standard forms prescribed by the Program.
B. Application Fee. The Program may require an application fee for processing the loan.
C. Program Fund Allocations. It is the intent of the Department that Program funds be distributed Statewide to eligible applicants and borrowers. At the discretion of the Department, the Program may:
(1) Make Program funds available on a first come, first served basis;
(2) Give priority to a loan applicant or borrower whom the Program, in its discretion, determines:
(a) Is in imminent danger of losing title to the home or having to vacate the home for medical or safety reasons,
(b) Has no alternative source of funds to alleviate the problem, and
(c) Whose problem can be alleviated by a Program loan;
(3) Give priority, among eligible loan applicants, to those with less income or fewer assets, or both; or
(4) Use Program funds in a combination of § C(1)--(3), above.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.11 - False Statements

Current through Register Vol. 51, No. 14, July 12, 2024
A borrower who knowingly makes or causes to be made any material misstatement or material omission of fact, whether in the nature of an understatement or overstatement of financial condition or any other fact material to the Department's action, in any statement or report in or regarding an application for a loan, a borrower recertification, or an equity payment request, or affecting an equity payment already made, shall be subject to immediate acceleration of the loan, in addition to the criminal penalties authorized by Housing and Community Development Article, §
									4-816, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.12 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is not inconsistent with the Act if:
A. Conformance to the requirements of any federal, State, or local programs in connection with a loan necessitates waiver or variance of a regulation; or
B. In the written determination of the Secretary, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purposes of the Act.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.05 - Reverse Equity Mortgage Program › Section 05.03.05.13 - Severability

Current through Register Vol. 51, No. 14, July 12, 2024
The provisions of these regulations are severable. A judgment by any court of competent jurisdiction finding or declaring that any provisions of these regulations or the application of any provision to any person or circumstance is invalid does not affect the validity of the remaining provisions of the regulations or any other application of these regulations, and the remaining regulations shall have full force and effect as if no judgment had been entered.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.06 - Special Purpose Investment Fund Loan Program › Section 05.03.06.01 - General

Current through Register Vol. 51, No. 14, July 12, 2024
A. These regulations prescribe the policies, procedures, and authorizations to make or purchase loans financed through the Special Purpose Investment Fund (SPIF) of the Community Development Administration.
B. The Special Purpose Investment Fund was created and established by the Single Family Program General Bond Certificate to provide for investments by the Administration using funds that are not proceeds of bonds of the Administration.
C. The Mortgage Yield Account was created as the initial account within the Fund to provide for the financing of mortgage loans to bear interest at rates that achieve yields required for attribution to other investments made under the General Bond Certificate. Other accounts may be established within the Fund in accordance with the General Bond Certificate and the Act.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.06 - Special Purpose Investment Fund Loan Program › Section 05.03.06.02 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
These regulations apply to mortgage loans financed through the Mortgage Yield Account of the Fund. The loans:
A. Are not subject to the Internal Revenue Code;
B. Are mortgage investments under the General Bond Certificate as described in Regulation .03B(13) of this chapter or mortgage loans that otherwise meet the requirements of the General Bond Certificate;
C. Are pledged to the bond holders under the General Bond Certificate;
D. May be ineligible for financing with proceeds of the Administration's mortgage revenue bonds or through other mortgage programs of the Department;
E. Enable borrowers to acquire, rehabilitate, and refinance owner-occupied residential housing of one to four units; and
F. May be made for acquisition of residential housing of one to four units in a project in accordance with forward commitments to developers for permanent take-out financing under the SPIF program.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.06 - Special Purpose Investment Fund Loan Program › Section 05.03.06.04 - Purposes

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Administration may use funds available under the Program for any of the purposes set forth in this regulation.
B. Preferred Uses.
(1) In the event of limited funds, the uses described in §§B(2)-(5) of this regulation may be given preference over the standard uses described in §C of this regulation.
(2) Designated Area Loans. Loans may be made for acquisition financing to borrowers purchasing residences in an area or neighborhood where the Secretary has determined home ownership should be encouraged through availability of Program loans.
(3) Accessory and Shared Housing. Acquisition financing may be provided for:
(a) Accessory housing that includes up to three dwelling units with complete, independent sleeping, cooking, and living facilities which are within, or attached to, or on the same parcel as, and subordinate to, but under the same ownership as a single family, owner-occupied dwelling, if a majority of all the units comprising the property are occupied by families of limited income; and
(b) Shared housing that provides sleeping facilities for up to four additional families and common, shared, or independent sanitary facilities and common or shared living, dining, and kitchen facilities, if a majority of the families occupying the property are of limited income.
(4) Refinancing of Existing Mortgages. Program loans may be made to refinance mortgages in order to assist eligible homeowners in critical circumstances, or to achieve the mortgage yield requirements of the Program.
(5) Prior Homeownership. Loans may be made to certain persons ineligible under the Administration's tax-exempt, bond-financed lending program because of prior home ownership, but who otherwise meet the requirements of that program.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.06 - Special Purpose Investment Fund Loan Program › Section 05.03.06.05 - Eligible Borrower

Current through Register Vol. 51, No. 14, July 12, 2024
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.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.06 - Special Purpose Investment Fund Loan Program › Section 05.03.06.06 - Eligible Property

Current through Register Vol. 51, No. 14, July 12, 2024
A. Requirements. An eligible property shall:
(1) Contain one to four residential units, one of which is intended to be occupied by the borrower as the borrower's primary residence;
(2) Be real property owned by the borrower in fee simple or under a freely transferable, perpetually renewable, ground lease which permits the lessee to transfer the leasehold interest without the consent of the lessor;
(3) Have a purchase price that does not exceed the maximum program loan amount as described in Regulation .08 of this chapter, except in cases of additional financing provided by governmental or nonprofit organizations or other sources acceptable to the Administration;
(4) At the time of the loan closing, be unencumbered by any other lien except as may be acceptable to the Administration;
(5) Reasonably be expected to have an economic life equal to or greater than the term of the loan; and
(6) Meet all applicable codes and standards and other legal requirements at the time the mortgage investment is made or upon completion of rehabilitation.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.06 - Special Purpose Investment Fund Loan Program › Section 05.03.06.07 - Eligible Uses

Current through Register Vol. 51, No. 14, July 12, 2024
A. Subject to the limitations of Regulation .08B of this chapter, the proceeds of a loan made under the Program may be used for payment of:
(1) Purchase price of the eligible residence;
(2) Down payment and settlement costs;
(3) Rehabilitation costs described in Regulation .07B of this chapter; or
(4) Costs associated with eligible refinancings, as described in §D of this regulation.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.06 - Special Purpose Investment Fund Loan Program › Section 05.03.06.08 - Loan Terms-Loan Amount

Current through Register Vol. 51, No. 14, July 12, 2024
A. Limits.
(1) The maximum loan amounts under the program shall be within limits set from time to time by the Secretary.
(2) For a residence containing one dwelling unit the limit, as of April 1, 1991, is 150 percent of the maximum loan amount for a newly constructed single dwelling unit under the Maryland Mortgage Program (MMP) of the Administration.
(3) For a property containing two dwelling units the limit, as of April 1, 1991, is 175 percent of the MMP limit for a newly constructed single dwelling unit.
(4) For a property containing three units or four units, limits will be determined by the Secretary on a case by case basis, taking into account:
(a) The public purpose being served;
(b) Regional costs for this housing; and
(c) Other factors deemed appropriate by the Secretary.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.06 - Special Purpose Investment Fund Loan Program › Section 05.03.06.09 - Loan Terms and Requirements-General

Current through Register Vol. 51, No. 14, July 12, 2024
A. Each loan financed by the Fund shall comply with the conditions of this regulation.
B. Security.
(1) Each loan shall be secured by a mortgage or deed of trust that shall be:
(a) In a lien position required by the Administration; and
(b) Executed and recorded in accordance with the requirements of existing law.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.06 - Special Purpose Investment Fund Loan Program › Section 05.03.06.10 - Operations and Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. Forms and Documentation.
(1) The application and the loan shall be made upon form documents prescribed by the Administration.
(2) If application is being made for a forward commitment of permanent take-out financing by a developer, sufficient information and documentation shall be provided to determine the extent, if any, to which the project will change the type of use or increase the intensity of the existing use of the property.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.06 - Special Purpose Investment Fund Loan Program › Section 05.03.06.11 - False Statements

Current through Register Vol. 51, No. 14, July 12, 2024
A borrower who knowingly makes or causes to be made any false material statement or material misstatement of fact, whether in the nature of an understatement or overstatement of financial condition or any other fact material to the Administration's action, shall be subject to immediate acceleration of the loan, in addition to the criminal penalties authorized by Housing and Community Development Article, §
									4-225, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.06 - Special Purpose Investment Fund Loan Program › Section 05.03.06.12 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is not inconsistent with the Act if:
A. Conformance to the requirements of any federal, State, or local programs or of the General Bond Certificate in connection with a loan necessitates waiver or variance of a regulation; or
B. In the written determination of the Secretary, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purpose of the Act.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.07 - Live Near Your Work Program › Section 05.03.07.01 - General

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter is adopted under Housing and Community Development Article, Title 4, Subtitle 2, Annotated Code of Maryland, to implement a program of community development projects in the State to be known as the Live Near Your Work (LNYW) Program. The LNYW Program is a cooperative effort between the State, local jurisdictions, and employers to provide financial assistance to eligible employees in purchasing homes near their place of employment. This chapter describes the policies, procedures, and authorizations for the operation of the LNYW Program.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.07 - Live Near Your Work Program › Section 05.03.07.02 - Objectives

Current through Register Vol. 51, No. 14, July 12, 2024
The objectives of the Program are to:
A. Stimulate homeownership in designated neighborhoods;
B. Promote public/private partnerships to strengthen communities;
C. Support State transportation policy by promoting shorter commuting times; and
D. Support employer compliance with the federal Clean Air Act Amendments of 1990.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.07 - Live Near Your Work Program › Section 05.03.07.03 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) Closing Costs.
(a) "Closing costs" means costs incurred in connection with purchasing an eligible residence.
(b) "Closing costs" include:
(i) Credit report fee;
(ii) Appraisal fee;
(iii) Home inspection fee;
(iv) Survey fee;
(v) Title examination;
(vi) Loan origination fee;
(vii) Title insurance fee;
(viii) Homeownership counseling fee;
(ix) Application fee;
(x) Attorneys' fees;
(xi) Document preparation fee;
(xii) Recording fees;
(xiii) State and local transfer tax; and
(xiv) State recordation tax.