General World News

Maryland rule loosens credit restrictions for homebuyers

Maryland’s state legislature has pushed through a rule that could widen the pool of eligible applicants vying to become homeowners by requiring lenders to use alternative methods of evaluating a borrower’s creditworthiness.

HB 1213, which will go into effect on Oct.1, will obligate lenders to consider an applicant’s history of rent, utility payments, school attendance and work attendance during the mortgage application process.

The legislation said that entities subject to the bill’s requirements must consider these alternatives if the applicant requests them to do so and the alternative indications of creditworthiness are verifiable.

The Maryland Department of Labor Licensing and Regulation details ⇒

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