Re: Home Purchasing Credits
From: Sharon Villines (
Date: Fri, 17 Aug 2012 09:37:06 -0700 (PDT)
On Aug 17, 2012, at 12:16 PM, Ann Zabaldo <zabaldo [at]> wrote:

> As far as I know ... everyone made a downpayment on their homes here at TVC.  
>  ALL TVC members committed non-fundable money during the development phases 
> that was applied to their downpayment.   That may have been only part of the 
> total downpayment but people did commit money for use at closing.

Ann is right -- the whole situation was complicated with rebates, cash toward 
downpayment, etc. So people had committed a certain percentage of cost when 
they signed contracts. The loans were not for 100% of the cost of the units. 

But when all was said and done, I was able to buy my unit without paying what i 
would have paid without these programs. I had had enough to make the initial 
contract, but I walked away from the closing with a check made out to me, not 
the bank -- I don't remember all the exact numbers.

The important point is that having a downpayment is not what determines whether 
a buyer is capable of making a mortgage payment or being a good cohousing 
community member.

Sharon Villines
Takoma Village Cohousing, Washington DC

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