Cohousing-L Mailing List: Re: Fannie Mae

[Katie Henry (katie-henry]

Nowhere in the Fannie Mae Selling Guide -- a 1,200-page policy manual 
describing 
the conditions under which Fannie Mae will buy mortgages from lenders -- does 
it 
mention cohousing or anything resembling cohousing. If you search the Fannie 
Mae 
web site for "cohousing," you won't get a single hit. If this ever happens 
again, ask them to give you the reference to the specific section in the 
Selling 
Guide. I'm guessing the mortgage broker described it as some kind of group 
home. 
Fannie is indeed involved in financing some group homes, but I believe they 
have 
to be occupied by disabled people.

Really, there's no reason to mention cohousing when talking to the bank, unless 
it becomes necessary when disputing a low appraisal. Takoma Village is just 
another condo. Don't confuse the bankers.

Katie Henry




Fannie Mae 
 
From: Sharon Villines (sharonsharonvillines.com)  
Date: Fri,  2 Dec 2011 20:30:32 -0800 (PST)  
Has anyone been refused a mortgage from Fannie Mae because "cohousing wasn't 
allowed"?

Several of us have refinanced and had loans immediately sold to Fannie Mae with 
no problems but someone's mortgage broker (stupidly) called Fannie Mae to find 
out. They said no cohousing.

They then visited our website and found our right of first refusal policy, and 
refused on those grounds.