|Re: Fannie Mae||<– Date –> <– Thread –>|
|From: Katie Henry (katie-henryatt.net)|
|Date: Sat, 3 Dec 2011 01:00:15 -0800 (PST)|
Nowhere in the Fannie Mae Selling Guide -- a 1,200-page policy manual describing the conditions under which Fannie Mae will buy mortgages from lenders -- does it mention cohousing or anything resembling cohousing. If you search the Fannie Mae web site for "cohousing," you won't get a single hit. If this ever happens again, ask them to give you the reference to the specific section in the Selling Guide. I'm guessing the mortgage broker described it as some kind of group home. Fannie is indeed involved in financing some group homes, but I believe they have to be occupied by disabled people. Really, there's no reason to mention cohousing when talking to the bank, unless it becomes necessary when disputing a low appraisal. Takoma Village is just another condo. Don't confuse the bankers. Katie Henry Fannie Mae From: Sharon Villines (sharonsharonvillines.com) Date: Fri, 2 Dec 2011 20:30:32 -0800 (PST) Has anyone been refused a mortgage from Fannie Mae because "cohousing wasn't allowed"? Several of us have refinanced and had loans immediately sold to Fannie Mae with no problems but someone's mortgage broker (stupidly) called Fannie Mae to find out. They said no cohousing. They then visited our website and found our right of first refusal policy, and refused on those grounds.
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