|Re: Mortgage lenders and cohousing||<– Date –> <– Thread –>|
|From: R Philip Dowds (rpdowdscomcast.net)|
|Date: Mon, 27 Aug 2012 16:29:36 -0700 (PDT)|
Shun the local branches of international banks. Try to work with a local bank, or savings and loan. RPD On Aug 27, 2012, at 9:14 AM, "Lautner, Patricia" <Patricia.Lautner [at] umassmed.edu> wrote: > > 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. > > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://www.cohousing.org/cohousing-L/ > >
- Re: Mortgage lenders and cohousing, (continued)
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