1. (a) To qualify for a loan under § 4-804(1)(i), (4), or (5) of this subtitle, an applicant:

   1. (1) shall be a member of a household of limited income;
   2. (2) on closing of the loan, shall intend to reside in the home to be financed;
   3. (3) may not own other property used as the applicant's personal residence; and
   4. (4) in the estimation of the Department, shall lack the financial resources to obtain a private conventional mortgage or to qualify for other departmental loan programs.

2. (b) To qualify for a loan under § 4-804(1)(ii) of this subtitle, an applicant:

   1. (1) shall agree in writing to live as an owner-occupant in one of the units of a residential building with no more than four units;
   2. (2) shall agree in writing to rent each unit other than the applicant's unit to a household of limited income; and
   3. (3) in the estimation of the Department, shall lack the financial resources to obtain a private conventional mortgage or qualify for other departmental loan programs.
3. (c) To qualify for a loan under § 4-804(2) of this subtitle, an applicant shall agree to sell or rent each dwelling unit constructed or rehabilitated with the proceeds of the loan to a household of limited income.

4. (d) To qualify for a loan under § 4-804(6) of this subtitle, an applicant shall:

   1. (1) own and occupy the home as the applicant's principal residence; and
   2. (2) meet the income requirements set by the Department.

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2007, c. 292, § 1, eff. July 1, 2007; Acts 2007, c. 293, § 1, eff. July 1, 2007.