Homeownership is possible! Mammoth Lakes Housing, Inc. (MLH) in cooperation with Eastern Sierra cities and counties operates homebuyer assistance programs. The programs are designed to provide the additional financing needed to keep a first mortgage payment affordable to homebuyers. Funds are limited. Feel free to contact us with questions, the application process, or anything else!
There are many benefits to homeownership including:
- Freedom of control
- Credit building
- Financial stability
- Tax advantages
- Home equity
The majority of funding is limited to households earning 80% of the Area Median Income (AMI) or less; however MLH may also lend to households earning up to 120% AMI. The Program Guidelines for each jurisdiction vary slightly; however, in most cases the purchasing household must be a first-time homebuyer, in accordance with the HUD definition of first-time homebuyer (section 2.3). Homebuyer’s assistance funds are subject to the ability of the household to obtain a primary loan. The primary loan must be a minimum of a thirty year, fixed rate, fully amortized loan with impounded escrow accounts for property taxes and insurance, in order to qualify for the program.
“I had lost all hopes of buying a home or condo in this town.”
-Mammoth Lakes resident and owner of a deed-restricted condo
The goal of the first-time homebuyer program is to reduce the household’s monthly payment to a number between 30% and 35% of the gross monthly income by supplementing the primary loan with a secondary, silent mortgage used as down payment assistance. This promotes an affordable payment and allows the household to be able to afford other basic necessities such as transportation, groceries, and health expenses.
By promoting home affordability in the region, Mammoth Lakes Housing is striving towards a viable local economy through a reliable, healthy workforce, reduced commutes, and individual economic health.
For more information please read the specific Program Guidelines for the jurisdiction that you are interested in, call us, or fill out the Contact Us form at the bottom of your screen.
Our Community Land Trust / Deed Restricted Ownership Program is now Fannie Mae certified!
Lenders have new reasons to invest in shared equity: Starting on December 1, 2022, Fannie Mae will collect lower fees from lenders for all shared equity loans that meet the FHFA Duty to Serve requirements. That means more savings for lenders to pass along to consumers and more incentives for lenders to originate these loans.