FHA/etc approvals, more clarification
From: Judy (BAXTERepivax.epi.umn.edu)
Date: Mon, 13 Jun 94 12:47 CDT
Thanks, David, Chris, and Rob for your comments.  I will pass this all on to
the appropriate more-involved-in-the-search members.

David wrote:
<3) Rather than a "consultant," try talking to a few mortgage brokers about 
loan packages.  It does appeal to these people to essentially do the 
paperwork once, and then get paid for it 10, or 20 times.  Let them wade into 
the quagmire for you.>

Well, actually we started with one.  He was very ready to deal with mortgages
for the townhouses, and didn't see need for FHA/etc, but then started to
appreciate that we were planning (at that time -now not so sure) to keep the
existing building as a coop, and have a master association linking the
townhouse assoc. and the coop (i'm not sure how the common spaces and
facilities would be owned).  anyway, the morgage broker started saying whoa!! ,
not so sure!     We are currently looking also at the possibility of converting
the coop to condos.

        Are we having fun yet?

Judy Baxter, Monterey Cohousing Community, (MoCoCo)
Twin Cities Area, Minneapolis/St.Paul Minnesota
e-mail: baxter [at] epivax.epi.umn.edu

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