Re: FHA loans for cohousing members and HOA docs
From: Kathryn McCamant (kmccamantcohousing-solutions.com)
Date: Wed, 20 Jan 2016 20:17:09 -0800 (PST)
RE Fannie Mae, FHA or VA approval process.

Since the recesion, all of these approval processes have been revamped and
are much more important for getting competive mortgages. At the least you
want, and your construction lender my require, Fannie Mae Project
Approval. You may also want to get FHA-HUD approvals that allow for
reverse mortgages and lower downpayment loans.

I have found it very helpful to work with National Condo Advisers to get
these approvals. They have now worked with quite a few cohousing groups.
They keep apprised of changes coming down the pipeline out of these
agencies, and have their own in-house legal department to review and make
sure your HOA documents conform. If you hit any issues with approvals,
they have contacts to help get things sorted out. I have found them
particularly helpful in talking with my construction lenders to assure
them that you can get FNMA approval. They even attended the National Coho
Conference in Durham!

Contact: 
Karen Sheppard <karen [at] nationalcondoadvisors.com>
Sr Compliance Analyst
Condo and Co-op Project Approval and Compliance
Fannie Mae PERS | FHA | Non-Warrantable/Portfolio

National Condo Advisors, LLC
777 Westchester Avenue
Suite 101
White Plains, NY 10604
888-726-6361 extension 302
www.nationalcondoadvisors.com


Katie 
-- 
Kathryn McCamant, President
CoHousing Solutions
241B Commercial Street
Nevada City, CA 95959
T.530.478.1970  C.916.798.4755
www.cohousing-solutions.com







On 1/19/16, 5:16 PM, "Cohousing-L on behalf of Versgrove, Mary Beth"
<cohousing-l-bounces+kmccamant=cohousing-solutions.com [at] cohousing.org on
behalf of mb-versgrove [at] uiowa.edu> wrote:

>
>
>I interested in learning from any co-housing community which has had
>experience with members going through conventional mortgage approval, i.e.
>FHA, Fannie Mae or Freddie Mac process. Is this something other
>communities are offering?
>
>We are currently accruing members at
>Prairie Hill in Iowa City, Iowa and curious to know what other communities
>have learned in regard to these approval processes.
>
>Also I understand that Homeowners Association docs are required for the
>process. Our community needs to develop a draft HOA document and I am
>interested to know if there is a good way to begin this seemingly
>enormous task. (I was drafted!)
>
>Any assistance would be much appreciated. Please feel free to e-mail me
>directly if you wish.
>Thank you.
>
>Mary Beth Versgrove
>Iowa City Co-housing at Prairie Hill
>
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