Code of Maryland Regulations
Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Subtitle 04 - SPECIAL LOAN PROGRAMS
Chapter 05.04.05 - Indoor Plumbing Loan Program
Section 05.04.05.12 - Loan Closing
Current through Register Vol. 51, No. 6, March 22, 2024
A. Time and Place. The loan closing shall be scheduled at a time and place mutually acceptable to the applicant and the local administrator, through a closing officer serving the applicant's area and otherwise acceptable to the local administrator.
B. Loan Documents.
C. Charges and Fees. The Department or the local administrator shall charge and collect from the borrower reasonable and customary amounts acceptable to the Department for the following items:
D. Points may not be charged to the applicant on any loan under the Program.
E. Mortgageable Items. Program charges, closing costs, and related costs may be mortgageable items for owner-occupants or for nonprofit sponsors. Sponsors that are not nonprofit organizations are required to pay for closing costs, program charges, and related costs.
F. Taxes and Assessments. Taxes and assessments against the property which are due and payable shall be paid at or before closing.