Cohousing-L Mailing List: Re: Mortgages - Referrals for Cohousing Lenders

[Liz Ryan Cole (lizryancole]

Richard - this is  a great idea to gather this information.

   I know when my husband and I obtained our personal mortgage (not coho) we 
actively looked for (and found) a bank that promised not to sell on the 
secondary market.  It is my belief (if anyone can substantiate that would be 
great) that one of the reasons Vermont (like Canada) suffered so little with 
the "housing crash" was that our banks were required to use good banking 
practices and houses had not inflated, so there was no bubble to burst.  And 
one reason there was no bubble is that the banks knew what they were giving 
mortgages on.

liz


On Feb 15, 2013, at 5:19 PM, 111rmp [at] gmail.com wrote:

> 
> I would like a list of major banks that have recently made (or hold)
> traditional residential loans for buyers of cohousing units. 
> 
> In our neighborhood I know that 
> 
> * Bank of America and 
> 
> * Lake Sunapee Bank (local)
> 
> have done so but would like to add to this list and especially find some
> that sold the loan on the "secondary market."  Lake Sunapee Bank says it
> can't sell the loans on the secondary market (in contrast to a "Portfolio
> Loan") and thereby get a lower interest rate because:
> 
> 1.       The property is mixed use - has a commercial space (a small former
> farmhouse now office building) and a farm. (Gee and I thought that was an
> upside)
> 
> 
> 
> Other excuses I have heard are:
> 
> 2.       "Too many rentals" (16%!?).
> 
> 3.       Too many properties owned by one owner (the original developer: 23%
> and dropping).
> 
> Thanks.
> 
> -Richard
> 
> ----------------------------
> 
> Richard Pendleton
> 
> Nubanusit Neighborhood & Farm
> 
> http://www.peterboroughcohousing.org <http://www.peterboroughcohousing.org/>
> 
> An old fashioned neighborhood in a new way.
> 
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