|Mortgage lenders and cohousing||<– Date –> <– Thread –>|
|From: Lautner, Patricia (Patricia.Lautnerumassmed.edu)|
|Date: Mon, 27 Aug 2012 06:14:39 -0700 (PDT)|
Is anyone else having problems with lenders? We found out recently that Chase has put Cohousing on a 'No Go' list and won't provide financing. We recently had a sale where the buyers were turned down because the word Cohousing in our name apparently triggered what is called a "Long Form Review" of our condo docs. Even though we believe we have very standard - vanilla State of MA condo docs, we do have a Right of First Refusal clause, a Transfer Fee clause, and the guest suites are mentioned. So far three different lenders site one of these mentioned clauses as reason for denying the mortgage (on a high income, dual income, young couple putting more than 25% down!) I'm on the Board at JPCohousing and we're considering our options. Please let me know if you've had any problem like this and what your community is doing about it. Thanks, Patti JPCohousing, Boston MA.
- Mortgage lenders and cohousing Lautner, Patricia, August 27 2012
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