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Mono County, California FHA, VA, and USDA Loan Information

Seal of Mono County, California

Table of Contents

What are the government loan limits in Mono County, CA?

What parts of Mono county are eligible for USDA loans?

Do I need flood insurance?

How do I learn about Property Taxes in Mono County

What is the median home price in Mono County, CA?

How many people live in Mono County?

What are the major cities?

How do I see FHA- and VA-Approved homes for sale?

Is there a cost to have a real estate agent represent me?

What closing costs do I need?

How can I get assistance with closing costs?

How to Buy a Home in Mono

About Mono County

Approved Condominium Projects in Mono County

How much of a loan can I qualify for, based on my income?

FAQ

What are the government loan limits in Mono County?

  • FHA Loan Limit $529,000 (Single family residence) / $677,200 (Duplex) $818,600 (Triplex) / $1,017,300 (Fourplex)
  • USDA Loan Limit $553,600
  • VA Home Loan Limit $0 down up to $3,000,000 / 2 open VA loans at one time $529,000*(Call 888-573-4496 for details).


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What parts of Mono county are eligible for USDA loans?

All of Mono County is eligible for USDA Rural Development loans.

Eligible Zip Codes: 93512, 93517, 93529, 93541, 93546, 96107, 96133

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Do I need flood insurance?

The USDA, FHA, and VA all require people to purchase flood insurance on homes located in Special Flood Hazard Areas. In Mono County there are many flood plains, especially along the rivers. Your agent can help you to check whether a property will require flood insurance.

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How do I learn about Property Taxes in Mono County?

For questions about property tax, you can get in touch with the Mono County Assessor, Barry Beck. His office is located at: Bridgeport Office Location Mono County Annex II, 2nd Floor 25 Bryant Street Bridgeport CA 9351

Veterans, owner-occupiers, and senior citizens may be eligible for property tax relief. You can find out whether you qualify through the county assessor. In addition, the Assessor’s Office can do re-appraisals to determine property values and flood risks.


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What is the median home price in Mono County, CA?

As of March 2020, the median home price in Mono County is $559,000 and the median household income is $63,018.

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How many people live in Mono County?

Mono County has a population of 14,257 and fewer than 5 people per square mile. However, the county undertook a fiber optic cable project, “Digital 395,” which brought high speed broadband internet to the entire region. Mono residents get the tranquility of small town life without having to give up on high speed internet.

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What are the major cities?

There are no incorporated cities in Mono county, but Mammoth Lakes is a town with a population of over 8,000. The county seat, Bridgeport, has just under 600 residents. Other notable communities include Crowley Lake and Walker.

How do I see FHA- and VA-Approved homes for sale?

You can view all of the properties available for sale in Mono County through the Multiple Listing Service. You can also see approved condos at the bottom of this page.

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Is there a cost to have a real estate agent represent me?

The seller must pay real estate professionals’ commission, not the buyer. This means that, as a homebuyer, there is no cost to have a real estate agent represent you. In fact, it’s a good idea to get your own agent in order to have someone in your corner during the negotiation process.

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What closing costs do I need?


For FHA loans, closing costs can end up being 3-4% of the loan amount. These costs include origination fees from the lender, any discount points purchased for a better interest rate, and pre-paid items like insurance and taxes.

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How can I get assistance with closing costs?

There are several ways to reduce the amount you have to pay at closing. One way is to get down payment assistance. The FHA’s Within Reach program provides grants to help low- and middle-income families with their down payment. There is also the CalHome program, which offers down payment assistance and to reduce or finance other closing costs.

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How to Buy a Home in Mono County

Are you interested in buying a home in Mono? This is a step by step guide to all the ins and outs of the homebuying process. For more detail about FHA loans, be sure to check out our complete guide. We also have an in-depth guide to VA loans and the USDA’s Rural Development home loan program.
For now, let’s look at the basic steps to buying a home – and what you’ll have to look out for in Mono County.

  1. Get in touch with a loan officer – give us a call at 877-432-5626

    We can help you figure out what type of loan you might qualify for. Programs through the VA, USDA, and FHA allow you to buy a home with a small down payment – or no down payment at all. We will also check your credit and income to see how much of a loan you can qualify for. When we do this, we do a “soft pull” on your credit. This is different from an official credit inquiry and won’t hurt your credit score.

  2. Compare loan offers.

    Either call us or fill out the form on this page.

  3. Give your Loan Officer the information they need to find you a loan

    For a purchase loan or cash-out refinance:

    • Your ID
    • Previous two years of W2s
    • Most recent 30 days paystubs
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info

    For a refinance loan, you will also need information on the loan you want to refinance.


  4. Compare Loan offers

    Compare the interest rates and APRS – but keep in mind that the fixed- and adjustable-rate mortgages are apples and oranges. Use the Loan Estimate to compare the true costs of each loan, both month-to-month and over the life of the mortgage.

  5. Find a home

    Get connected with a FedHome Loan Centers Real Estate Agent. Once you meet with them to talk about your wants and needs, you can sign up for the property search feed. This will give you alerts about homes for sale in Mono County. Now you’re ready to preview properties and start touring homes.

  6. Make an offer and negotiate the terms of the sale

  7. Get the necessary and recommended inspections

    Required Inspections:

    • Termite Inspection
    • Well or septic inspections, if applicable
    • We can help you check if your home is in one of the Mono County flood hazard areas.

    Recommended Inspections:
    Home Inspection, Roof Inspection, Sewer Inspection

  8. Get the home appraised

    Construction loans require a construction appraisal and permit approval

  9. Lock in your interest rate

    Pro Tip: Wait until the appraisal to lock in your loan rates. If it turns out you need to make repairs, it can push the closing back. Then you run the risk of losing that rate or having to pay an extension fee.

  10. Close the deal and get packing!

    You’re ready to go!

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About Mono County

Located in the Eastern Sierra region, Mono County is known for its natural beauty. The county becomes a winter wonderland each year and is home to the famous Mammoth Mountain ski slopes. It also has some of the best fall foliage in the state. In spring and summer, residents can explore the 300 miles of trails that make up the Mammoth Lakes Trail System.

The Great Outdoors

The county gets its name from Mono Lake, which has helped make the county a top tourist destination. The is one of the oldest in the Western Hemisphere and is known for its strange and beautiful limestone rock formations, known as Tufas.

In addition to its natural beauty, Mono County is also known for its great fishing. Fishing is such a big deal in the area that residents celebrate the opening of the fishing season, “Fishmas” on April 25th. There are also dozens of derbies and fishing events throughout the year where you can try your luck and catch the big one. Plus there’s free fishing for everyone each Fourth of July.

Small Town Living

There are also plenty of annual activities in the town of Mammoth Lakes. From the Mammoth Movie Series to the Firefighter’s BBQ, the town gives locals plenty of time to kick back. The Mammoth Margarita Festival is a highlight of the summer.

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Approved Condos in Mono County

There are currently no approved condominiums in Mono. If you want to get a condo approved, follow this link. At FedHome Loan Centers, we can get almost any condo approved.

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How much of a loan can I qualify for, based on my income?

Monthly Income Purchase Price
$2,628.90 $195,175.91
$2,832.00 $210,254.55
$3,181.50 $236,202.27
$3,612.00 $268,163.64
$3,985.50 $295,893.18
$4,361.10 $323,778.64
$4,971.90 $369,125.91
$5,761.50 $427,747.73
$6,892.20 $520,625.00
$5,199.60 $368,791.82
$5,743.80 $408,815.91
$6,249.90 $450,287.73
$6,998.10 $501,960.45
$9,776.70 $725,845.91
$5,568.00 $413,381.82
$6,574.80 $488,129.09
$7,569.60 $561,985.45
$5,141.40 $381,710.00
$6,345.30 $471,090.45
$7,639.80 $567,197.27
$8,360.10 $620,674.09
$9,260.70 $687,536.82
$10,095.30 $749,499.55
$12,165.00 $903,159.09
$13,929.60 $1,034,167.27
$17,511.00 $1,300,059.09
$18,406.80 $1,366,506.06

Purchase Price subject to credit and income evaluation.

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