HOME First-Time Homebuyer Program

Funder: U.S. Department of Housing and Urban Development (HUD) / State Department of Housing and Community Development

Administrator: Mammoth Lakes Housing, Inc.

Geographic Scope: City of Bishop and Town of Mammoth Lakes (incorporated communities only)

Focus Areas:

• Down payment assistance for first-time homebuyers
• Home rehabilitation to bring homes into compliance with state and local health and safety codes
• Silent, deferred second mortgages to reduce monthly mortgage payments

Eligibility Requirements:

• First-time homebuyers
• Must obtain a 30-year fixed-rate primary loan
• Home must be owner-occupied
• Must meet income eligibility criteria
• Must participate in a homebuyer education course

Home Purchase Price Caps (set by State):

• Bishop: $292,000
• Mammoth Lakes: $384,000

Program Details:

• Deferred HOME loans act as secondary mortgages
• Deferred at 0% interest until participant sells or transfers title or discontinues residence
• Funds can be used for down payment assistance alone or combined with rehabilitation
• Rehabilitation component allows correction of health and safety hazards, code violations, and weatherization needs at time of purchase
• HOME funds must be used in conjunction with primary financing
• Phone: (760) 934-4740
• Email: jennifer@mammothlakeshousing.org
• Website: www.mammothlakeshousing.org

Background:
Program first launched in 2006 as a public-private partnership between MLH and the Town of Mammoth Lakes. Created to address housing crisis and stabilize the local economy.

How to Apply

For more information about the program, including qualifying household incomes, program guidelines, and the application:

1. Visit the Mammoth Lakes Housing website at www.mammothlakeshousing.org
2. Call (760) 934-4740
3. Contact via email: jennifer@mammothlakeshousing.org

Required Documents and Eligibility Verification:

• Income documentation (to verify income eligibility)
• Homebuyer education course completion certificate
• Primary loan commitment letter

Application Materials: Applications are available through Mammoth Lakes Housing, Inc.