|RE: Help!||<– Date –> <– Thread –>|
|From: Rob Sandelin (robsanmicrosoft.com)|
|Date: Tue, 28 Dec 93 11:08 CST|
We were advised by our attorney and also by the realtor and title company who reviewed our condominium declarations that if we placed limitations on equity on resale of units it would disqualify us from FMNA approval. FMNA approval is important if you are seeking commercial bank mortgages, and in our case that was key to us continuing our development. The way the mortgage stuff works is that banks sell batches of loans to FMNA to free up capital to loan again. Unique loans which can't be bundled, or are not sellable to FMNA must be held by the bank. Since the S&L problems there are a bunch of new regulations which limit the amount of individual loans banks can carry. I understand there are some special loan programs for "low-income" housing which allow banks to accept equity limitations. My advise, if you are looking for commercial bank mortgages, to ask your bank about what they will or will not accept in the way of limited equity. ---------- From: <netmail!SMITHMCC [at] delphi.com> To: Rob Sandelin Subject: Help! Date: Tuesday, December 28, 1993 10:28AM Tucson Cohousing is having a discussion concerning Limited Equity or market value in the resale of property or improvements. 1. Can anyone out there give some thoughts or feeling regarding this topic. 2. Did anyone compromise and what did you do. Any and all input is appreciated. Gregg (smithmcc [at] delphi.com)
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