With the nationwide credit crunch stifling the ability of people to obtain home loans, Eastern Sierra Community Bank has stepped into help Mammoth Lakes Housing help people buy property at the Aspen Village Townhomes on Old Mammoth Road.
The rental units at the Aspen Village complex are full with a backlog, but part of the plan to finance the entire workforce housing project was to sell 24 units on the Townhome side of Aspen Village. So far only 5 units are occupied.
Pam Hennarty, the Director of Mammoth Lakes Housing Inc. explained that there has been an overreaction to the subprime mortgage crisis that has led the big lenders like Fannie Mae to, overcorrect on loan guidelines. Hennarty says that Fannie Mae will no longer underwrite loans until a housing complex is over 51% occupied. The problem is that while there is interest in buying into the Aspen Village, the difficulty of obtaining loans makes it tough for people to buy.
This is where the Eastern Sierra Community bank has, stepped up, Hennarty says, offering 30 year fixed mortgages for people who want to buy at Aspen Village. There are 5 deed restricted units at Aspen Village that have certain income requirements attached, but the rest of the units are market rate. The two bedroom deed restricted condos, for those that make up to120% of the area median income, run $199,000, while the three bedroom deed restricted units run $250,000. There is also down payment assistance for this income level.
The market rate condominiums, with out the deed restrictions at Aspen Village run $225,000 for the two bedroom and $340,000 for the three bedroom. Hennarty says that people in Mammoth are struggling with layoffs and cuts in work hours, but she adds that if you are in the market to purchase, to give this real estate a look.