Fannie Mae
From: Sharon Villines (
Date: Tue, 3 Aug 2010 16:07:06 -0700 (PDT)
One of our new residents had difficulty getting a mortgage because two banks said Fannie Mae wouldn't allow bylaws to say that the community (1) had right of first refusal for a certain amount of days and (2) put limits on leasing. The third bank raised no questions.

The right of first refusal is odd since it takes a longer to foreclose than the period of our first refusal rights.

The limits on leasing is pretty odd since banks also won't lend on a building that has more than 10% of condo units leased.

Has anyone else had this problem?

Sharon Villines
Takoma Village Cohousing, Washington DC

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