(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.
Structure Maryland Statutes
Subtitle 8 - Creation of Public Debt -- Financing Residential Mortgages in Cecil County
Section 19-801 - "Program" Defined
Section 19-802 - Construction of Subtitle
Section 19-803 - Legislative Findings; Purpose of Subtitle
Section 19-804 - Enactment of Ordinance or Resolution Required
Section 19-805 - Powers of Cecil County
Section 19-806 - Individual Mortgage Loans
Section 19-807 - Bonds; Use of Revenue
Section 19-808 - Manner and Price of Sale of Bonds; Exemptions
Section 19-809 - Payment of Bonds
Section 19-810 - Conclusive Presumption of Finding by Cecil County