|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 271 2002 LAWS OF MARYLAND
|
|
|
|
|
|
|
|
|
Article 83B - Department of Housing and Community Development
2-1001.
(a) In this subtitle the following words have the meanings indicated.
(b) "Settlement expenses" means money that must be paid at the time of the
purchase of real estate including:
(1) Fees or premiums for title examination, title insurance, or similar
expenses;
(2) Fees for preparation of a deed, settlement statement, or other
documents;
(3) Payments owed at the time of settlement for property taxes or hazard
insurance coverage;
(4) Escrows for future payments of taxes and hazard insurance;
(5) Fees for notarizing deeds and other documents;
(6) Appraisal fees;
(7) Fees for credit reports;
(8) Transfer and recordation taxes and fees;
(9) Fees or premiums for mortgage insurance;
(10) Loan discount points and origination fees; and
(11) Down payments.
(c) "Eligible homebuyer" means a person or persons:
(1) Who will purchase and occupy a single-unit primary residence, and
whose household income does not exceed upper income limits established by the
Secretary; or
(2) Who will purchase and occupy a residential building with no more
than 4 units, and who agrees to rent all units other than the owner's unit to
households with income which does not exceed upper income limits established by the
Secretary.
(D) "HOMEBUYER EDUCATION OR HOUSING COUNSELING'' MEANS A
FACE TO FACE TUTORIAL OR A CLASSROOM WORKSHOP SESSION THAT INCLUDES
INSTRUCTION ON PREPARING FOR HOMEOWNERSHIP, SHOPPING FOR A HOME,
OBTAINING A MORTGAGE, LOAN CLOSING, AND LIFE AS A HOMEOWNER
[(d)] (E) "Loan" means a loan of money made by the Department under this
subtitle.
[(e)] (F) "Personal circumstances" means:
(1) The separation or divorce of the joint tenants; or
|
|
|
|
|
|
|
|
|
|
- 2080 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
