Mortgage Assistance Program (MAP)

PROGRAM SUMMARY

Purpose

The Mortgage Assistance Program (MAP) is a City of Atlanta program to assist low to middle income homebuyers to purchase homes. Policy Revised July 2009.

Status

Taking applications now. Application is made through Participating Lenders.

Loan Amount

Maximum Amount $50,000

REQUIREMENTS

Eligible Applicants

Borrower(s) household income cannot exceed 100% of the HUD Area Median Income (AMI).

Borrower(s) cannot own a house at the time of application.

Borrower(s) must be U. S. Citizen or a permanent resident alien or possess a current work authorization visa.

Borrower(s) must successfully complete a home ownership education seminar from a HUD-approved housing counseling agency and provide a certificate of completion prior to closing.Borrower(s) must qualify for a fully amortizing FHA, VA, or Conventional mortgage loan from a participating lender.

Location

Property must be located in the City of Atlanta former Atlanta Empowerment Zone (AEZ) census tracts: 8, 17, 22, 25, 26, 28, 29, 32, 33, 37, 38, 43, 44, 46.95, 48, 49.95, 55.01, 55.02, 56, 57, 63, 64, or 67. Verify the address at http://egis.hud.gov/egis and the Census Tract at www.factfinder.census.gov.

Eligible Properties

Any single family dwelling, including condos, townhomes.

Purchase price cannot exceed FHA limit of $252,890.

Existing properties must meet HUD’s Housing Quality Standards (HQS) and the City of Atlanta Housing Code Standards including lead-based paint regulations.

Income

Applicant’s annual household income cannot exceed 100% of the HUD Area Median Income (AMI). Income of all household members 18 years or older must be considered (includes house/roommates).

Eligible Uses

Primary Residence

Other Requirements

MAP funds may be used for down payment assistance, closing costs, gap financing, principal reduction or interest rate reduction.

MAP can be leveraged with most other mortgage assistance programs.

LOAN/GRANT DETAILS

Interest Rate

0%

Subsidy Amount

Borrowers with incomes ≤ to 50% of AMI are eligible for up to $50,000.

Borrowers with incomes between 51% and 100% of AMI are eligible for up to $30,000.

Payment Terms

No Monthly Payments

Full amount due within the first 5 years (except if the property is transferred to an immediate family member that meets AMI requirements).

After 5 years and a day, $10,000 is forgiven and an additional $2,000 is forgiven each subsequent year.

After 10 years and a day - $30,000 (fully forgiven).

After 15 years and a day - $50,000 (fully forgiven)

HOW TO APPLY

Status

Available Now

Deadline

12/31/2009

Process

Attend a Home Buyer Education Workshop offered by an approved HUD housing counselor (www.hud.gov).
Obtain certificate of completion for the workshop and apply through a participating lender. (Applications are NOT made directly through the City of Atlanta.)

Application

See Participating Lenders for application

Contact

Donna Cerniglia, MAP Management Analyst
City of Atlanta, Department of Planning & Community Development
Bureau of Housing
68 Mitchell Street, Suite 1200
Atlanta, GA 30303
(404) 330-6732

MAP ANNUAL AREA MEDIAN INCOME LIMITS

2009 Income Limit By Family Size

Percentage of AMI

1

2

3

4

5

100%

$50,200

$57,400

$64,500

$71,700

$77,400

50%

$25,100

$28,700

$32,250

$35,850

$38,700

* Area Median Income Limits are revised annually.

LENDERS

Are you a Lender interested in participating in the Mortgage Assistance Program (MAP)? Please complete the following application and submit it to dcerniglia@atlantaga.gov.