§ 19–806
Statutes in effect as of October 1, 2026.
Md. Code Ann., Local Gov't § 19-806 (2026)
Title 19. Public Debt
Subtitle 8. Creation of Public Debt -- Financing Residential Mortgages in Cecil County
§ 19–806LinkCopy Citation
(a)
(1)
A program shall require a down payment of at least 10% of the purchase price of the dwelling.
(2)
(i)
The down payment may be in the form of cash or real property owned by a mortgagor on which a dwelling has been constructed.
(ii)
If the down payment is in the form of real property, the property shall be valued at the lesser of its purchase price or appraised value.
(b)
An individual mortgage loan authorized under a program may not exceed $90,000.