|conforming mortgage question||<– Date –> <– Thread –>|
|From: Kristen Simmons (simmonskristengmail.com)|
|Date: Mon, 1 Mar 2010 05:45:44 -0800 (PST)|
This one's for all the financial experts out there. Please be kind if I get some of the terms wrong, I know just enough to ask the questions. My group, Stony Brook Cohousing in Boston, is doing some early research on mortgages. A question has come up about conforming mortgages. These mortgages conform to certain standards, such as a limit on the total loan amount, etc. Another standard is that the transaction must be arms length. How have groups dealt with this? As I understand it, purchasers in new cohousing communities are usually also members of the development entity. Since the purchaser is buying from an entity that s/he is a member of, is the transaction still considered arms length? Do people in cohousing have conforming mortgages? Thanks in advance, Kristen PS: We are looking for neighbors. Construction will begin December 2010, and we will move in on December 2011. Join us in the fun. www.stonybrookcohousing.org http://twitter.com/CohousingBoston http://www.facebook.com/home.php?#!/pages/Stony-Brook-CoHousing/312771196582?ref=ts
- conforming mortgage question Kristen Simmons, March 1 2010
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