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§ 19-806. Individual mortgage loans

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2013

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division IV. Local Finance [Titles 16-23] (Refs & Annos)
Title 19. Public Debt (Refs & Annos)
Subtitle 8. Creation of Public Debt--Financing Residential Mortgages in Cecil County (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 19-806
Formerly cited as MD CODE, Art. 25, § 11D
§ 19-806. Individual mortgage loans
Currentness
Down payment
(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.
Maximum amount
(b) An individual mortgage loan authorized under a program may not exceed $90,000.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-806, MD LOCAL GOVT § 19-806
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document