Specializing in HUD, VA & Foreclosures

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Allen Realty, Inc.

8314 Liberty Road

Baltimore, Maryland 21244

ar@allenrealty.net

410-496-6700 Office

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Arundel Community Development Services, Inc.

2660 Riva Road, Suite 210

Annapolis, Maryland 21401

(410) 222-7600

 

 

Thank you for expressing an interest in the Homeownership Initiative Programs.

 

Enclosed is a fact sheet, an application, and the course outline and overview on the programs available to first time home buyers who are interested in purchasing a home in Anne Arundel County. The fact sheets explain the eligibility requirements of the programs and how to apply.

 

If you find that you have questions or want to discuss these programs in more detail after reviewing the fact sheets, please do not hesitate to call our office at (410) 222-7600 and talk to one of our Housing Financial Advisors.

Mortgage Assistance Program

for

Anne Arundel County

Mortgage Assistance Program

for

Anne Arundel County

FACT SHEET

FUNDS AVAILABLE

$680,000 in funds available for first time home buyers purchasing a home in Anne Arundel County and needing assistance with down payment and closing costs.

MAXIMUM HOUSING INCOME

1 person  - 37,700     2 persons - 42,500

3 persons - 47,800    4 persons - 53,100

                    5 persons - 57,350    6 persons - 61,600

DOLLAR AMOUNT AVAILABLE PER HOUSEHOLD

Up to $7,000 per household for families with incomes at or below 80 percent of the median income ($53,100 for a family of four; $42,500 for a family of two).

Up to $10,000 per household for families with incomes at or below 60 percent of the median income ($53,100 for a family of four; $42,500 for a family of two).

INTEREST AND TERM

Zero percent interest requiring repayment only upon sale or transfer, or at the end of 30 years, whichever comes first. The loan will be secured by a "soft second" trust against the property purchased.

ELIGIBLE APPLICANTS

18 years or older with a household income that does not exceed the maximum income limit

purchasing a home within Anne Arundel County

has an acceptable credit rating

a graduate of our Homeownership Counseling Program

Mortgage Assistance Program for Anne Arundel County

Fact Sheet

 

certifies that the home to be purchased is or will be a primary residence

a first time home buyer or borrower who is separated, divorced or widowed and has had no interest in a principal residence three years prior to closing

 

ELIGIBLE PROPERTIES

Existing or newly constructed single family residences within Anne Arundel County which may be detached, semi-detached, townhouses or condominiums. Condominiums must be acceptable to the insurer of the first mortgage on the property.

Properties must meet the local housing code standards and, if located in a flood plain, the property must be insured with a flood insurance policy.

Newly constructed properties must meet HUD Cost Effective Energy Conservation Standards as well as all applicable codes.

Property must be purchased in fee simple or transferred with a 99 year leasehold interest in the property.

Property must be vacant or owner occupied (no tenants) at the time the purchase contract is ratified.

MAP funds may only be used in transactions containing usual and customary Contract of Sale inclusions.

MAP funds used in conjunction with purchase of newly constructed homes may not be used to cover the costs associated with upgrades over and above the base model, unless an upgrade or modification is directly associated with handicap accessibility.

 

MINIMUM CASH CONTRIBUTION FROM BORROWER

The home buyer must contribute a minimum cash contribution of one percent of the sales price from their own funds.

Mortgage Assistance Program for Anne Arundel County

Fact Sheet

 

APPLICATION PROCESS

In order to be eligible for the Mortgage Assistance Program described herein for Anne Arundel County, the prospective home buyer must complete the Arundel CommunityDevelopment Services, Inc. Homeownership Counseling Program. This program provides "hands on" counseling and direct assistance to current renters enabling them to become more confident, knowledgeable and financially prepared to undertake the responsibilities of homeownership.

This program is designed to encompass the entire homeownership process. The first sessions are devoted to an analysis of the client’s credit report and financial status which serves to establish heir current and long term financial feasibility for homeownership, as well as current maximum affordability given their family situation. Participants are also educated on financing terms, types of financing and the settlement process.

To apply for the Homeownership Counseling Program, please complete the enclosed pre-application and return it to Arundel Community Development Services, Inc., 2660 Riva Road, Suite 210, Annapolis, Maryland 21401.

Once you have completed the Homeownership Counseling Program, you may then submit a pre-application for Mortgage Assistance Program funds.

Upon review of the pre-application, ACDS will issue an eligibility letter stating the maximum funds for which you are eligible, providing funds are available.

Once you have executed a contract of sale and made an application for a first mortgage, a formal application needs to be completed. The applicant will be required to submit a copy of the executed contract of sale; original seller affidavit; copy of the completed first mortgage application; good faith estimate of closing costs; and any additional documentation as deemed necessary by ACDS.

The formal application will be reviewed by ACDS to determine compliance with program policies and procedures. If the applicant meets all of the conditions set forth, ACDS will approve the loan subject to availability of funds and conditions outstanding for settlement. Funds will be reserved only upon loan approval and issuance of a formal Commitment Letter.

Homeownership Counseling Program

Course Overview

 

Individual Counseling Sessions

_______________________

Overview of Homebuying Process

Analysis of Homeownership Readiness

Identification of Obstacles to Homeownership

Develop and Implement Plan of Action to Overcome Obstacles

Understanding the Purchase, Mortgage, and Settlement Process

Preparing for the Move

Overview of Home Maintenance

¯

 

Post-Closing Counseling

________________

Home Maintenance Review

Financial Review

 

Arundel Community Development Services, Inc.

2660 Riva Road, Suite 210

Annapolis, MD 21401

Telephone (410) 222-7600 Facsimile (410) 222-7619

HOMEOWNERSHIP COUNSELING PROGRAM APPLICATION

I/We are interested in participating in the Arundel Community Development Services, Inc. Homeownership Counseling Program. (Please print)

_________________________________ _______________________________

Name Name

__________________________________ ________________________________

Address Address

__________________________________ _________________________________

__________________________________ _________________________________

Home Phone Home Phone

__________________________________ _________________________________

Work Phone Work Phone

__________________________________ _________________________________

Social Security Number Social Security Number

In order to determine income eligibility to the program, please provide the following information:

_________ $______________________

Family Size Total Family Annual Income

Authorization for Release of Information

I, (We) authorize Arundel Community Development Services, Inc. and its staff to obtain a copy of my credit report and any other information or material necessary for participation in the Homeownership Counseling Program administered by Arundel Community Development Services, Inc.

I understand this authorization will remain valid for the time I participate in this program.

_____________________________________ ________________________________________

Signature Signature

Please complete this form and mail to: Arundel Community Development Services, Inc.

2660 Riva Road, Suite 210

Annapolis, MD 21401

 

 

Referred to ACDS by: ____________

COMPANY NAME:______________

TELEPHONE NO:_______________

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