You will need to provide copies of the most recent three years’ federal income tax returns as well as any corresponding W2’s and 1099’s, household information, current and previous employer information, and asset and liability information, including bank account statements. You will also have to provide a Pre-Qualification letter from a lender for a mortgage.
For more information, please read our Program Guidelines for the jurisdiction that you are interest in (Town, County, or Bishop) located on the “Buy a Home” page of our website.
MLH offers multiple types of down payment assistance in the Town of Mammoth Lakes, unincorporated Mono County, and the City of Bishop when grant funds are available. Most of these grant programs work as a deferred-payment junior loans at 0-3% interest with the goal of maintaining a purchaser’s monthly mortgage payment at about 30% of their income.
A deed restriction is a use and resale agreement between the buyer and MLH. Among other things, a deed/resale restriction regulates the maximum resale value to a below market rate, thereby providing locals with another real estate option. A homebuyer may not be able to afford a fair market rate home; however, a deed restricted unit provides another option which may be more affordable. There may be additional restrictions such as maintaining the home as a full-time residence, stipulations against earning rental income, etc.
MLH is not a lender nor does it work exclusively with one lender. MLH does encourage applicants to talk with local banks and mortgage lenders rather than using an internet search, since local lenders have excellent knowledge of the Mammoth Lakes housing market.
Purchase prices are based upon a household’s annual income. Generally, a household can expect to pay between 30% and 38% of their gross household income on housing expenses such as mortgage payment, utilities, HOA dues, etc. To determine how much of a mortgage payment you can afford, add the total gross monthly income (before taxes) of all household income-earners over the age of 18 and multiply that number by .30 (30%). Programs may require a down payment of 0-3% and closing costs are often between 2-5% of the purchase price.
No member of the household can own residential real estate to qualify for below market, deed restricted homes. An applicant must sell the property prior to, or simultaneously with closing on the workforce housing unit. The net sales proceeds will be included in applicant’s asset/income calculation.
According to the federal government, housing is considered “affordable” if it costs no more than 30% of the monthly household income for rent and utilities. “Affordable” housing should not be seen as derogatory, but as a positive spending habit and healthy budget. As a community, we need to offer a wide range of housing opportunities for the diverse populations that live and work here.