MAP Information for Lenders

The Mortgage Assistance Program ( MAP) is an FHA and CDA approved soft second mortgage for first time homebuyers, which can be used toward down payment, closing costs, and mortgage write-down. Up to $30,000 is available based on client eligibility and need. Clients must have graduated from the Homeownership Counseling Program, be income eligible and be purchasing a home in Anne Arundel County. The loan is due in full after 30 years or upon sale or transfer of the property, whichever comes first. Also, the loan is due and payable if the property is no longer the client’s primary residence or in some cases, upon refinancing of the first mortgage.

ACDS does not have an approved list of mortgage lenders; clients may utilize any mortgage lender they choose. However, lenders must be willing to accept the MAP loan as a second mortgage recorded against the property using ACDS documents. ACDS will need a copy of the lenders completed mortgage application (i.e. Form 1003), the good faith estimate, the appraisal, a commitment letter and the purchaser’s current income and asset documentation. The amount of the MAP loan will be based on the need of the client as determined by a review of the good faith estimate and, depending on the need, may not be the maximum eligible amount. Please note that the client is required to contribute one percent of the sales price with their own funds.

ACDS requires a minimum of 10 business days for loan approval once all the documents have been submitted. In addition, ACDS will perform a Housing Quality Inspection on the property. The property must pass this inspection in order for the client to be eligible for a MAP loan.

ACDS staff will attend settlement and bring the MAP loan funds in the form of a check. Staff will review the loan documents with the client and coordinate the settlement of the MAP loan with the title company representative.

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