Re: conforming mortgage loans
From: Susan Coberly (susandgeorgegmail.com)
Date: Wed, 3 Mar 2010 13:14:01 -0800 (PST)
Re purchase money mortgage loans.
 We worked with Katie McCamant as our project manager.
We had [we have] an LLC. That LLC became a member of the Development
LLC. Our LLC's members' capital went to the Development LLC.  It issued
individual notes to the members/ potential owners.
We stopped taking in new members to "our LLC" at some point. Everyone then
buys from the owner, the Development LLC.  Seems complicated but it worked.

We are still hoping for a few more cohousing neighbors; check out our
website! www.*fresnocohousing*.org <http://www.fresnocohousing.org/>

Our community garden is improving (year 2!), our community landscaping is
taking hold, we have a great view of snowcapped mountains, and people are
making improvements and changes in their new homes [painting new bold - or
quiet - paint, installing tile backsplashes, remodeling closets, adding
cabinets and bookcases]...

 Susan @ La Querencia, Fresno, CA.


On Wed, Mar 3, 2010 at 3:16 AM, <cohousing-l-request [at] cohousing.org> wrote:

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> Today's Topics:
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>   1. Re: conforming mortgage question (Diana Carroll)
>   2. Re: conforming mortgage question (Diana Carroll)
>   3. Re: conforming mortgage question (Richard L. Kohlhaas)
>
>
> ----------------------------------------------------------------------
>
> Message: 1
> Date: Tue, 2 Mar 2010 17:22:51 -0400
> From: Diana Carroll <dianaecarroll [at] gmail.com>
> Subject: Re: [C-L]_ conforming mortgage question
> To: Cohousing-L <cohousing-l [at] cohousing.org>
> Message-ID: <AB9E959F-BCE6-4BEC-803D-EE55138F9E91 [at] gmail.com>
> Content-Type: text/plain;       charset=us-ascii;       format=flowed;
>  delsp=yes
>
> No none of our loans have been conforming.  We ran into the arm's
> length thing once or twice but more often the problem is related to
> number of sold/presold units.  They want to see at least 70% presold
> and 50% owner occupied plus you budget must meet various requirements.
>
> You can right you p&s in a way less likely to trigger the arm's length
> clause by referring to deposit not equity.
>
> Most of our mortgages came through our constuction lenders, especially
> the early ones
>
> Sent from my iPhone
>
> On Mar 1, 2010, at 9:45 AM, Kristen Simmons <simmonskristen [at] gmail.com>
> 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,
> > 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
> > _________________________________________________________________
> > Cohousing-L mailing list -- Unsubscribe, archives and other info at:
> > http://www.cohousing.org/cohousing-L/
> >
> >
>
>
> ------------------------------
>
> Message: 2
> Date: Tue, 2 Mar 2010 17:25:40 -0400
> From: Diana Carroll <dianaecarroll [at] gmail.com>
> Subject: Re: [C-L]_ conforming mortgage question
> To: Cohousing-L <cohousing-l [at] cohousing.org>
> Message-ID: <31666C44-E0BC-4C34-AC07-DF7F2B2652F1 [at] gmail.com>
> Content-Type: text/plain;       charset=us-ascii;       format=flowed;
>  delsp=yes
>
> 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] gmail.com>
> 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,
> > 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
> > _________________________________________________________________
> > Cohousing-L mailing list -- Unsubscribe, archives and other info at:
> > http://www.cohousing.org/cohousing-L/
> >
> >
>
>
> ------------------------------
>
> Message: 3
> Date: Tue, 02 Mar 2010 17:14:39 -0700
> From: "Richard L. Kohlhaas" <rlkohl [at] earthlink.net>
> Subject: Re: [C-L]_ conforming mortgage question
> To: Cohousing-L <cohousing-l [at] cohousing.org>
> Message-ID: <4B8DA9EF.11528.67CE23FB [at] rlkohl.earthlink.net>
> Content-Type: text/plain; charset=US-ASCII
>
> When we were building, at the very beginning we selected only 4 of our
> members to be
> the "members" of the LLC.  That saved a lot of paperwork and confusion.
>
>
> From:                   Diana Carroll <dianaecarroll [at] gmail.com>
> >
> > 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
> >
>
> ------------------------------------
> Dick Kohlhaas <rlkohl [at] earthlink.net>
> (719)633-8170
> Colorado Springs (Colorado) Cohousing Community (Casa Verde Commons)
> Completed March 2003. 34 units on 4 acres 1.5 mi from downtown. We have a
> few resales available.   Visit us at http://www.casaverde.us)
>
>
>
>
> ------------------------------
>
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> End of Cohousing-L Digest, Vol 74, Issue 4
> ******************************************
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