Cohousing-L Mailing List: Re: Right of First Refusal

[Jim Snyder-Grant (jimsg]

Most refinancings are NOT FHA or VA loans. The secondary market (where
most loans go) generally requires FNMA approval, not FHA or VA. ROFR
clauses that are explicitly non-discriminatory are OK for FNMA.  But
FHA loans and VA loans can be important for qualified income-limited
buyers, especially in situations where the cohomes are priced at or
near 'affordable' house prices (generally, purchasable by families
earning 80% of median regional income). (See my previous posting for
more details).

-Jim, New View, Acton MA (where are homes, with one exception, are too
expensive for FHA & VA loans)

On 10/13/06, Sharon Villines <sharon [at] sharonvillines.com> wrote:
> On Oct 12, 2006, at 11:03 PM, David Heimann wrote:
>
> >       Recently Diane Simpson posted our Right of First Refusal section
> > in our condo docs here at JP Cohousing.  I want to add that this ROFR
> > language gave no one any trouble in getting their mortgages (and we did
> > check it with our lawyers before putting it in).
>
> I would add that the same is true of our community. And most of us also
> refinanced at least once during the time that mortgage rates were
> dropping.
>
> Sharon
> -----
> Sharon Villines
> Takoma Village Cohousing, Washington DC
> http://www.takomavillage.org
>
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--
Jim Snyder-Grant
18 Half Moon Hill
Acton MA 01720
978 266-9409