The Town of Mammoth Lakes and Mammoth Lakes Housing, Inc. (MLH) has homebuyer assistance and down payment assistance funding available to eligible households. The majority of funding is limited to households earning 80% of the Area Median Income (AMI) or less; however MLH is able to lend to households earning 120% 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 in order to qualify for the program. MLH also has the option of profit sharing on market rate units. Call MLH for more information at 934-4740.
Documents for Lenders
