At this time Mono County and Mammoth Lakes Housing, Inc. (MLH) have homebuyer’s assistance funds available to households with an income at or below 80% Area Median Income (AMI).  MLH guidelines state that the household purchasing a home must be a first-time homebuyer, in accordance with the HUD definition of first-time homebuyer (section 2.3).  Homebuyer’s assistance funds are subordinate to the primary loan. Interest is accrued over the life of the loan at zero to three percent (0-3%) with no monthly payment required.  Once the primary loan is paid in full the MLH loan becomes due and begins to accrue interest at three percent (3%).  The primary loan must be a thirty year, fixed rate, fully amortized loan.  MLH also has the option of profit sharing on market rate units. Call MLH for more information at 934-4740.