Maryland § 4-240
Full text of Maryland Maryland Code § 4-240, with citation guidance and answers to common questions.
§ 4-240.
(a) Except as provided in subsection (c) of this section, a mortgage lender shall make a certificate under this section for every residential mortgage loan that the lender makes under a purchase commitment by the Administration with:
(1) the proceeds of purchase of a mortgage loan by the Administration; or
(2) the proceeds of a loan from the Administration.
(b) The certificate shall state that in the mortgage lender’s opinion, based on information given by the mortgagor and on the lender’s knowledge of the prevailing terms and standards of mortgage lending in the area, the mortgagor could not get a mortgage loan on the property in the unassisted private lending market.
(c) The Secretary may waive the requirement for the mortgage lender’s certificate for a residential mortgage loan to a homeowner:
(1) if the homeowner’s primary residence is located in a sustainable community, for the purchase or rehabilitation of the homeowner’s primary residence;
(2) for the refinancing of a residential mortgage loan of the homeowner if the loan was made by the Department or Administration; or
(3) for either of the purposes specified in § 4–237(a)(1)(v) of this subtitle.
Frequently Asked Questions About Maryland § 4-240
What does Maryland Code § 4-240 cover?
Section 4-240 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 4-240?
A common citation format is "Maryland Code § 4-240" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 4-240 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.