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Maryland Code, Housing and Community Development § 4-301

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In this subtitle the following words have the meanings indicated.

(b) “Eligible homebuyer” means an individual who meets the qualifications under § 4-305 of this subtitle.

(c) “Fund” means the Homeownership Programs Fund.

(d)(1) “Homebuyer education” means instruction in preparing for homeownership, shopping for a home, getting a mortgage loan, loan closing, and life as a homeowner.

(2) “Homebuyer education” includes housing counseling.

(e) “Program” means the Down Payment and Settlement Expense Loan Program.

(f) “Program loan” means a loan that the Department makes under this subtitle.

(g)(1) “Settlement expenses” means money that must be paid at the time of the purchase of real estate.

(2) “Settlement expenses” includes:

(i) fees and premiums for title examination, title insurance, and similar expenses;

(ii) fees for preparing deeds, settlement statements, and other documents;

(iii) payments owed at settlement for property taxes and hazard insurance coverage;

(iv) escrows for future payments of taxes and hazard insurance;

(v) fees for notarizing deeds and other documents;

(vi) appraisal fees;

(vii) fees for credit reports;

(viii) transfer and recordation taxes and fees;

(ix) fees and premiums for mortgage insurance; and

(x) loan discount points and origination fees.

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Cite this article: FindLaw.com - Maryland Code, Housing and Community Development § 4-301 - last updated January 01, 2025 | https://codes.findlaw.com/md/housing-and-community-development/md-code-hous-and-cmty-dev-sect-4-301/

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