Mortgage lenders and cohousing
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.


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