Maryland § 4-307
Full text of Maryland Maryland Code § 4-307, with citation guidance and answers to common questions.
§ 4-307.
(a) Proceeds of a Program loan shall be used only to make a down payment or pay settlement expenses for an eligible homebuyer to purchase a personal residence.
(b) A Program loan shall be secured by a mortgage lien that:
(1) may be subordinate to other mortgage liens; and
(2) may include terms, including deferred payment of principal and interest, that the Department considers necessary to make housing purchases affordable to eligible homebuyers.
(c) In reviewing an application for a Program loan, the Department shall:
(1) consider the eligible homebuyer’s financial resources, including savings available to make a down payment or pay settlement expenses, in relation to:
(i) the purchase price of the home; and
(ii) the down payment requirements of the lender; and
(2) give high priority to eligible homebuyers of low income within the income limits established under § 4-304(b)(3) of this subtitle.
(d) Notwithstanding any other law, the Department may require that Program loans become due and payable on the later sale or transfer of the property, but the Department may allow an eligible homebuyer who purchases the property to assume the Program loan.
(e) If a borrower defaults, the Department may modify the interest rate, the time or amount of payment, or any other term of a Program loan to facilitate repayment of the Program loan and to achieve the purpose of the Program.
Frequently Asked Questions About Maryland § 4-307
What does Maryland Code § 4-307 cover?
Section 4-307 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 § 4-307?
A common citation format is "Maryland Code § 4-307" (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 § 4-307 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.