The Mortgage Assistance Program (MAP) is a FHA and Maryland Mortgage Program approved soft second mortgage for first-time homebuyers, which can be used toward down payment, closing costs, and mortgage write-down. In order to be eligible for these funds, the client must graduate from the ACDS Homeownership Counseling Program before entering into a contract to purchase a home. Depending on the client’s need, this program can provide up to $20,000 in assistance. The maximum sales price allowed for existing homes is $281,000, while the maximum sales price allowed for new construction is $372,000.
The MAP is a loan (not a grant) at 0% interest rate, no monthly payment, with a recorded lien against the property and shall be repaid upon sale or transfer of the property, when the property ceases to be the owner’s primary residence, or in 30 years, whichever comes first.
An eligible property can be an existing or newly constructed single-family residence within Anne Arundel County. The unit may be a single unit or a detached, semi-detached townhouse or condominium. Please note that the unit being purchased must be owner-occupied or vacant at the time the offer to purchase is made unless the existing tenant is the one purchasing the unit.
Process & Timing
Once the contract to purchase has been executed, a copy must be forwarded to ACDS. ACDS will then schedule an in-house Minimum Property Standard inspection with the Realtor. The unit being purchased must pass the inspection requirements. If it does not pass the inspection, the violation(s) can be addressed and a re-inspection can be performed. Please note that this inspection does not replace the FHA required appraisal, nor an individual home inspection.
ACDS will also request certain loan documents from the 1st mortgage company, such as, but not limited to, a copy of the loan application, copy of the client’s credit report, copy of the appraisal, copy of updated income and assets statements, title company information, and a copy of the commitment letter.
At a minimum, ACDS requires at least 45 days from the date when the executed contract to purchase is received by ACDS before a settlement requiring MAP funds can occur.
ACDS Staff will attend settlement and bring the MAP loan funds in the form of a check. Staff will review the MAP loan documents with the client and coordinate the settlement of the MAP loan with the title company representative.