Re: Home Equity/Mortgage Loan Denial-Need Resolution
From: Ann Zabaldo (
Date: Thu, 13 Jun 2013 05:26:12 -0700 (PDT)
Bill -- 

Following on Sharon's comment ...

How is Daybreak organized?  Is it a condominium?  That's what you're financing. 
 I'm sure in your organizing documents a.k.a. "condo docs" there is a statement 
about the project which clearly states the development is a "condominium" -- 
that's what the financial institution needs to see.  

When dealing w/ the world "out there" cohousing is just a condo or Homeowners 
Association or whatever.  It's just mainstream housing w/ a big community 

How did the other home owners get their financing?

Best --

Ann Zabaldo
Takoma Village Cohousing
Washington, DC
Principal, Cohousing Collaborative, LLC
Falls Church VA

On Jun 12, 2013, at 10:33 AM, Bill Cunninghame wrote:

> Hello,
> I searched through the cohousing-L archives but didn't find what I was
> looking for (possibly due to my search criteria!).  I recently applied for
> a home equity loan at my local credit union.  Though I am a well qualified
> borrower, great credit, etc, they denied the application stating "Cohousing
> Communities are not a collateral we are able to work with..." What's up
> with that?  I'm formulating a letter to the credit union CEO, not to
> complain (though I want to!) but to invite him and his lending management
> to a private open house so we can educate them about cohousing. The
> ultimate goal is for them to reconsider my application but if that doesn't
> work it could lay the ground work for the next cohousing applicant. Have
> you tried this approach or something similar?  What worked to convince your
> lender to approve a loan against a cohousing home?  What didn't work?  Your
> suggestions are most welcome.
> Bill Cunninghame
> Daybreak Cohousing
> Portland, OR
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