Letter of Support: FNMA-FHA Request to Address Cohousing in Lender Guidelines | <– Date –> <– Thread –> |
From: Alice Alexander (alicecohousgmail.com) | |
Date: Sat, 19 Mar 2016 05:32:22 -0700 (PDT) |
The Cohousing Association of the U.S. is seeking Letters of Support for our effort to have Fannie Mae (FNMA), the Department of Housing & Urban Development (HUD), and the Finance Housing Agency (FHA) address cohousing in their lender guidelines. These agencies write the guidelines that determine the underwriting rules for most American home loans. We are asking these agencies to address cohousing in their underwriting guidelines in order to reduce the confusion from lenders. Specifically, we are asking that they include a searchable note that simply states: *Cohousing communities should be evaluated as any other condominium, cooperative, multifamily or single family development would be, depending on the community’s relevant financial and legal structure.* *We seek support letters* from anyone involved in the cohousing business: lenders, bankers, developers, real estate brokers - anyone with coho experience who can "tell the story" from their perspective that "coho is a sound, safe, market desirable home that should be eligible for obtaining financing by any real estate lender. These homes maintain and improve in value. There is a market demand. We have a "wait list" for buyers. Loan default rate is low compared to other homes. Coho satisfies an important housing need (aging baby boomers, seniors, benefits of community), Good citizens live in Coho." For more information, including: - Instructions for creating Support Letters - to be forwarded to Kathryn McCamant <kmccamant [at] cohousing-solutions.com> (*by **March 31 if possible* ). - Sample Letter Visit: FNMA-FHA Request to Address Cohousing in Lender Guidelines <http://www.cohousing.org/FNMAandFHARequest> -- Alice Alexander Executive Director www.cohousing.org <http://www.cohous.org> [image: The Cohousing Association]
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