ACDS Mortgage Assistance

Arundel Community Development Services, Inc. offers eligible applicants assistance in the form of funds to pay for their down payment costs with the ACDS Mortgage Assistance.

Available Assistance 
The maximum assistance funds granted by the program are up to $20,000. The funds available through the Mortgage Assistance Program may be used as needed for closing costs, down payment assistance, and/or mortgage write downs. 

Eligibility Requirements 
The Mortgage Assistance Program (MAP) provides deferred loans up to $20,000 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 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%). 

Income Limits 
Applicants’ annual household income must fall at or under 80% of the area median income 
1-person household: $55,950 
2-person household: $63,950
3-person household: $71,950 
4-person household: $79,900 
5-person household: $86,300 
6-person household: $92,700 

 

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.       

  

Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.