Limits. The maximum loan amounts under the program shall be within limits set from time to time by the Secretary. For a residence containing one dwelling unit the limit, as of April 1, 1991, is 150 percent of the maximum loan amount for a newly constructed single dwelling unit under the Maryland Mortgage Program (MMP) of the Administration. For a property containing two dwelling units the limit, as of April 1, 1991, is 175 percent of the MMP limit for a newly constructed single dwelling unit. For a property containing three units or four units, limits will be determined by the Secretary on a case by case basis, taking into account: The public purpose being served; Regional costs for this housing; and Other factors deemed appropriate by the Secretary. Maximum loan amounts may be adjusted periodically by determination of the Secretary to: Reflect the annual rate of inflation; Reflect the number of dwelling units in the property; Reflect differing area property values; Respond to changes in average sales prices; Support State agency economic or community development initiatives; or Encourage innovative programs of the Administration. Except for any financed mortgage insurance premium, and subject to the maximum loan amount under §A of this regulation: A first mortgage loan made to finance the purchase of an eligible property may not exceed the lesser of the: Appraised value; or Purchase price of the residence; A second mortgage loan made to finance the purchase of an eligible property, when added to the amount of the first mortgage loan, may not exceed: The lesser of the: Appraised value; or Purchase price of the residence; plus The amount of any down payment and closing costs covered by the second mortgage loan, so long as the Administration determines that the loan meets the requirements of the General Bond Certificate; A loan made to finance the purchase and rehabilitation of an eligible residence may not exceed the lesser of: The total of: 100 percent of the purchase price, plus Estimated costs for rehabilitation of the eligible residence; or The after-rehabilitation appraised value; A loan made to refinance an existing mortgage loan may not exceed the lesser of: The total refinancing costs permitted in accordance with Regulation .07C of this chapter; or The appraised value of the eligible residence, after rehabilitation, if applicable.