Maryland Code, LOCAL GOVERNMENT 19-806
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Terms Used In Maryland Code, LOCAL GOVERNMENT 19-806
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(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.
(b) An individual mortgage loan authorized under a program may not exceed $90,000.