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. Funds may also be used as a mortgage write-down should the purchaser need that type of assistance. In order to be eligible for these funds the clients must graduate from the ACDS Homeownership Counseling Program before entering into a contract to purchase a home.
The MAP loan will be recorded against the property and shall be repaid upon sale or transfer of the property or in 30 years, whichever come 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.
Once the contract to purchase has been executed, a copy must be forwarded to ACDS. ACDS will then schedule a Housing Quality Inspection with the Realtor. The unit being purchased must pass the inspection. If it does not pass the inspection, the violation can be addressed and a reinspection can be performed. Please note that this inspection does not replace the FHA required appraisal, nor an individual home inspection.
At a minimum, ACDS requires at least 30 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 loan documents with the client and coordinate the settlement of the MAP loan with the title company representative.
Arundel Community Development Services, Inc.
2666 Riva Road, Suite 210
Annapolis, MD 21401
410-222-7600
www.acdsinc.org