Re: conforming mortgage question
From: Diana Carroll (
Date: Tue, 2 Mar 2010 13:25:50 -0800 (PST)
Oh another point. We also at some point close to move in stopped having new members join the llc. Once there were no big development decisions to make nor mezzanine financing needed there was no benefit to it. So recent buyers have not had as much trouble with mortgages at least as far as arm's length goes

Sent from my iPhone

On Mar 1, 2010, at 9:45 AM, Kristen Simmons <simmonskristen [at]> wrote:

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,

PS: We are looking for neighbors. Construction will begin December 2010, and
we will move in on December 2011. Join us in the fun.!/pages/Stony-Brook-CoHousing/312771196582?ref=ts
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