WILLIAM DONALD SCHAEFER, Governor

(2) HAVE A COMMITMENT FROM THE DEPARTMENT UNDER §
2-611(J) OF THIS SUBTITLE FOR PERMANENT FINANCING FOR THE SALE OF
THE RESIDENCES TO BE BUILT OR REHABILITATED WITH THE SHORT-TERM
CONSTRUCTION LOAN.

2-610.

TO APPLY FOR ANY LOAN UNDER THIS SUBTITLE, AN APPLICANT
SHALL:

(1) SUBMIT A COMPLETED APPLICATION IN SUCH FORM AS
THE DEPARTMENT MAY REQUIRE;

(2) SUPPLY A COPY OF THE APPLICANT'S LATEST STATE
INCOME TAX RETURN OR OTHER AVAILABLE VERIFICATION OF INCOME,
UNLESS THE APPLICATION IS FOR A LOAN TO BE MADE UNDER § 2-602(2)
OF THIS SUBTITLE; AND

(3)  SUBMIT ANY OTHER INFORMATION OR DOCUMENTATION THE
DEPARTMENT DEEMS NECESSARY IN ORDER TO MAKE A DETERMINATION ON
FINANCING A LOAN.

[2-613.

On application for a loan, the Department shall consider the
financial resources available to the applicant to finance the
purchase of the home or group home. The Department may not
approve a loan if it reasonably appears that the applicant has
sufficient down payment or could be expected to otherwise finance
the purchase.]

[2-614.

(a)  A loan shall be secured by a first lien mortgage on the
property purchased.

(b)  Except as expressly permitted by this subtitle, the
Department may not charge to either buyer or seller any points or
fees that would be considered interest under Title 12, Subtitle 1
of the Commercial Law Article.

(c)  The Department may require mortgages to be insured at
the expense of the mortgagors by federal, State, or private
instrumentalities.]

[2-615.

(a) As to each loan, the Department may set;

(1) The principal amount;

(2) The maturity, which may not exceed 40 years;

Ch. 220

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