- A. A mortgage loan shall be secured by a lien against the mortgaged property.
- B. Real property securing a loan shall meet the requirements of the Fund.
- C. An escrow account for payment of taxes, insurance, homeowner association fees, condominium fees, or other customary expenses related to a mortgage loan, as applicable, shall be satisfactory to the Fund.
- D. A mortgage may not exceed a term of 40 years unless the Secretary, by written determination for a particular loan or category of loans, agrees to a term exceeding 40 years.
- E. A mortgage shall bear interest at the rate agreed on by the lender and the borrower, and committed to by the Fund.
- F. A mortgage shall conform to the required documentation and eligibility criteria required by the Fund.
Authority: Housing and Community Development Article,§3-207(a), Annotated Code of Maryland
Effective date: November 3, 2008 (35:22 Md. R. 1956)