Regulation .05 Eligible Homes.
Regulation .05 Eligible Homes.LinkCopy Citation
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.
B.
The home shall be a residential dwelling unit located in Maryland. It may be a condominium acceptable to the Program, but not a cooperative unit. Manufactured homes may be eligible, subject to review by the Program of each particular application for a loan.
C.
Joint borrowers shall own the home as tenants by the entireties or as joint tenants with a right of survivorship.
D.
The mortgage or deed of trust:
(1)
May be subordinate to one other mortgage lien which:
(a)
Shall secure a remaining mortgage debt of not more than 25 percent of the equity in the home, equity being determined in accordance with Regulation .07B, and
(b)
May not secure a line of credit loan;
(2)
May not be subordinate to any other liens including a tax lien.