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Mammoth Lakes sits at 8,000 feet in Mono County — a resort town with a tight housing stock and mountain-market pricing.
FHA loans give buyers a foothold here with just 3.5% down. That matters when entry-level condos can stretch a buyer's budget fast.
580 (3.5% down)
Min Credit Score
3.5%
Min Down Payment
43%
Max DTI Ratio
Government-Insured
Loan Type
1.75% of loan
Upfront MIP
FHA Loans in Mammoth Lakes
You need a 580 credit score to put 3.5% down. Drop below 580 and you're looking at 10% down minimum.
Debt-to-income ratio — what you owe monthly versus what you earn — must stay under 43% for most FHA approvals.
Local decision guide
Use this guide to connect fha loans eligibility, lender expectations, and local market factors before comparing payment options in Mammoth Lakes.
Mammoth Lakes sits at 8,000 feet in Mono County — a resort town with a tight housing stock and mountain-market pricing.
FHA loans give buyers a foothold here with just 3.5% down. That matters when entry-level condos can stretch a buyer's budget fast.
You need a 580 credit score to put 3.5% down. Drop below 580 and you're looking at 10% down minimum.
Most retail banks offer FHA, but they price it conservatively. Wholesale lenders we access often beat those rates by a quarter point or more.
FHA mortgage insurance — MIP — is required on every loan. We shop lenders who offset MIP costs with better base rates. Rates vary by borrower profile and market conditions.
Mammoth has a large condo inventory. FHA has a condo approval list — and not every complex qualifies. Verify this before you fall in love with a unit.
Short-term rental restrictions in some Mammoth complexes can also affect FHA eligibility. The property must function as your primary home to pass FHA guidelines.
Conventional loans start at 3% down but need a 620+ score and stronger credit history. FHA wins on flexibility, not rate.
VA loans beat FHA on every metric — no MIP, no down payment — if you've earned that benefit. USDA doesn't apply here; Mammoth Lakes is an incorporated city.
Mono County's high-cost designation pushes FHA loan limits above the national baseline. That gives buyers more purchasing power than you'd have in a standard-cost county.
Mammoth's seasonal economy creates income verification challenges for hospitality workers. FHA allows two-year averaged income — helpful when earnings fluctuate year to year.
Only if it's your primary residence and the complex is FHA-approved. Many Mammoth condo complexes aren't on the FHA approved list.
Mono County qualifies as a high-cost area. Limits exceed the national baseline — ask us for the current figures before you shop.
Yes. FHA allows lenders to average two years of income. That helps workers with strong summer or winter seasons but uneven monthly pay.
FHA charges an upfront MIP of 1.75% plus an annual premium. The annual rate depends on your loan amount and down payment.
No. FHA requires the home to be your primary residence. Properties used primarily as vacation rentals don't qualify.