Financial Support for Mortgages in Maryland by ACDS
Arundel Community Development Services, Inc. (ACDS) plays a crucial role in empowering prospective homebuyers by offering the ACDS Mortgage Assistance program. This program serves as a beacon of hope for individuals seeking to overcome the hurdles associated with down payment costs when purchasing a home.
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Available Assistance The ACDS Mortgage Assistance program provides a lifeline to eligible applicants by offering them financial support of up to $20,000. This financial assistance is a versatile resource that can be utilized for various purposes, including covering closing costs, providing down payment support, and even reducing mortgage balances.
Eligibility Requirements To become a beneficiary of the Mortgage Assistance Program (MAP), applicants must fulfill specific criteria. This program caters to first-time homebuyers in Anne Arundel County who have completed the ACDS Homeownership Counseling Program. It’s important to note that applicants must not exceed a household income of 80% of the Area Median Income (AMI), and their commitment to homeownership is demonstrated by contributing a minimum of one percent (1%) of the home’s sales price from their funds. This contribution can encompass expenses related to appraisals, pre-paid items, credit reports, home inspections, and application fees.
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Income Limits The income limits outlined by the program are critical in determining eligibility. To qualify for the ACDS Mortgage Assistance program, applicant’s annual household income must be at or below 80% of the area median income. Here are the income limits for various household sizes:
- 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
The ACDS Mortgage Assistance program not only helps aspiring homeowners with their down payment challenges but also fosters financial responsibility by requiring a personal financial commitment from the applicants themselves.
It’s important to note that the ACDS Mortgage Assistance program plays a crucial role in the realm of homeownership, offering a helping hand to those who might otherwise struggle to make their dream of owning a home a reality. This support is a testament to ACDS’s commitment to improving the lives of individuals and families in Anne Arundel County by making homeownership more accessible and achievable.
In a time when housing affordability is a concern for many, the ACDS Mortgage Assistance program stands as a beacon of hope, offering financial relief and an opportunity for individuals and families to embark on their homeownership journey with confidence and stability.
Please note that while seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, state and local government agencies like ACDS are still permitted to assist borrowers in financing their homes through second mortgages and grants. These programs come with specific requirements that borrowers must meet, including property location, purchase price, and income limits.
