Re: co-housing unacceptable to Fannie Mae?!? | <– Date –> <– Thread –> |
From: Sharon Villines (sharonsharonvillines.com) | |
Date: Thu, 26 Apr 2012 07:23:03 -0700 (PDT) |
On 25 Apr 2012, at 8:57 AM, Diana Carroll wrote: > You don't live > in cohousing, you live in an extremely well-equipped sub-division. More specifically, like Diana says, you are not asking the bank to finance cohousing — you are asking them to finance real estate. Whatever legal structure individual communities choose, it isn't cohousing. One of our local banks has an office that works on loans for non-profits. One of his personal areas of expertise is helping non-profits sort this out. The bank won't award a construction loan to an organizations that provide hot breakfasts to impoverished families. It awards a construction loan to a an organization that has demonstrated its ability to get funding to run the programs and repay the loan. The bank only wants to see the financial information and doesn't need to be distracted by the fabulous menu, with which it might disagree. Remember that banks receiving loan applications, like employers receiving resumes, receive far more than they can fund. The first cut is looking for excuses NOT to accept them. Sharon ---- Sharon Villines Takoma Village Cohousing, Washington DC http://www.takomavillage.org
- Re: co-housing unacceptable to Fannie Mae?!?, (continued)
- Re: co-housing unacceptable to Fannie Mae?!? John Beutler, April 24 2012
- Re: co-housing unacceptable to Fannie Mae?!? Sharon Villines, April 24 2012
- Re: co-housing unacceptable to Fannie Mae?!? Diana Carroll, April 25 2012
- Re: co-housing unacceptable to Fannie Mae?!? Diana Carroll, April 25 2012
- Re: co-housing unacceptable to Fannie Mae?!? Sharon Villines, April 26 2012
- Have you used your Right of first refusal? (was Re: co-housing unacceptable to Fannie Mae?!?) Lyle Scheer, April 26 2012
- Re: Have you used your Right of first refusal? (was Re: co-housing unacceptable to Fannie Mae?!?) Sharon Villines, April 30 2012
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