Regulation .05 Eligible Borrower.

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;

Be 18 years old or older, unless married to a joint borrower who is 18 years old or older;

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;

Reside or intend to reside after purchase in an eligible property;

Have legal capacity to incur the obligations of the loan; and

Agree to comply with the loan terms and requirements established by the Administration.