Re: co-housing unacceptable to Fannie Mae?!?
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





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