The Mortgage Assistance Program (MAP) provides deferred loans up to $40,000 to first time homebuyers in Anne Arundel County to help with down payment and settlement costs. Eligible participants must be graduates of the ACDS Homeownership Counseling Program and may not have a household income greater than 80% of the Area Median Income (see income limits below). The Mortgage Assistance Program can be used in conjunction with a mortgage from the Federal Housing Administration (FHA) and the Department of Housing and Community Development (DHCD) Maryland Mortgage Program.
How the Mortgage Assistance Program Works
First-time homebuyers who do not exceed the income limits (see below) and who have successfully completed the ACDS Homeownership Counseling Program prior to entering into a contract to purchase. Must occupy the property as their principal residence; non-occupant co-borrowers (co-signers) are not permitted.
How to Apply
New ACDS’s Clients: Please download a Homeownership Counseling application here, which is a pre-requisite for the Mortgage Assistance Program. Graduates of the Homeownership Counseling Program: Please download a Mortgage Assistance Program Application by clicking here. Contact us to learn more information about the Homeownership Counseling Program and the Mortgage Assistance Program.
Assistance may not be provided to households whose total household income, from all sources, exceeds 80% of Area Median Income.
|Income Limits (effective June 15, 2022) Borrower’s total household income cannot exceed the following:|
|Household Size||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person|
|Income Limits for ACDS financing||$62,600||$71,550||$80,550||$89,400||$96,600||$103,750|
Anne Arundel County only
How do we allocate funds?
ACDS staff will determine the exact amount needed based on our underwriting guidelines and analysis.
Maximum Loan Amount
Up to $40,000.
The funds available through the Mortgage Assistance Program may be used as needed for closing costs, down payment assistance, and/or mortgage write downs.
Minimum Cash Contribution from Applicant(s)
The applicant(s) must contribute a minimum of one percent (1%) of the sales price of their own funds. The money provided by the applicant(s) towards the mortgage application can be but not limited to appraisals, pre-paids, credit reports, home inspection, and application fees can be counted towards the one percent (1%).
If liquid assets exceed three months of the new Principal, Interest, Taxes, and Insurance (PITI) payments, plus the one percent (1%) minimum contribution, an asset test will be completed to determine eligibility and/or if additional funds are needed from the borrower.
Assistance is provided as a loan, not a grant. However, the terms are very favorable and offered at zero percent (0%) interest with no monthly payments. Loans are due and payable upon sale, transfer of property, when the property ceases to become a primary residence, or in 30 years, whichever comes first.
Maximum Purchase Price
As of June 1, 2021
The maximum sales price is $314,000.00 for existing homes and $388,000.00 for new construction.
An existing or newly constructed residence, including detached, semi-detached and attached townhomes and condominiums, located within Anne Arundel County. The home must be owner-occupied or vacant at the time the offer to purchase is made, except when the existing tenant is the one making the purchase. The property must meet the ACDS Minimum Property Standards for code and safety.
No credit score requirements for this program.
Minimum Property Standard Inspection
Upon an applicant’s request for MAP financial assistance for the purchase of a house, an ACDS Construction Specialist shall visit the property to be purchased and prepare a checklist to determine if the property meets the Anne Arundel County Property Maintenance Code and to visually identify any apparent lead-based paint hazards. Any deficiencies identified on the checklist must be corrected before MAP funding will be approved.
Maximum Debt to Income Ration (DTI)
45.00% Back-End only Back-End Ratio: the total monthly calculation of the applicant’s income that goes towards debts and proposed housing expenses.
Secondary Finance Approval
The Mortgage Assistance Program can be used in conjunction with a mortgage from the Federal Housing Administration (FHA) and the Department of Housing and Community Development (DHCD) Maryland Mortgage Program.
Information for Realtors and Lenders
Please visit our Lender/Realtor page to learn more about our processing requirements for our loan documents and settlement requirements.