Cohousing-L Mailing List: Re: Golden 1 Credit Union mortgages for coho

[Fred-List manager (fholson]

Kathryn McCamant <kmccamant [at] cohousing-solutions.com>
is the author of the message below.  It was posted by
Fred, the Cohousing-L list manager <fholson [at] cohousing.org>

Cohousing-L does not distribute attachments so I put the Coho/US
letter at http://l.cohousing.org/FNMA_Support_4-1-16.pdf

FRed, list manager
--------------------  FORWARDED MESSAGE FOLLOWS --------------------

That is exactly why I am currently working with the Cohousing Association
to ask Fannie Mae and FHA to include a simple statement in the underwriter
guidelines that cohousing should just be considered as any other
condominium. The package is ready to go out this week, after months of
work gathering letters of support.

Having FHA Project approval is a short cut way to tell mortgage
underwriters that we are actually a standard condo for their purposes, but
cohousers get caught in this all the time and most people don¹t know how
to respond and talk with loan people about this stuff. That¹s one of the
reason¹s I recommend working with Loan Broker Tony ShiraŠhe knows how to
talk with banks about cohousing and keep them on the right track.

I would be glad to work with you on a letter of protest to Golden 1, and
perhaps you¹d like to write a letter of support to FNMA and FHA explaining
your frustrations.

They have absolutely no basis for having a ³no cohousing² policy for their
loans, and if they actually did their research they would find that their
cohousing did much better than other housing types in California during
the great recession.

Don¹t know if attachments come thru on Coho-L, but the Association¹s
Letter is attached. We are sending it in along with a State of Cohousing,
and about 20 letters of support. This is another reason why all
communities and everyone interested in cohousing should support (with $$)
our national association, but we can only fight things like this with a
strong national pressence.



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 5/3/16, 8:13 PM, "Cohousing-L on behalf of John Goldberg"
<cohousing-l-bounces+kmccamant=cohousing-solutions.com [at] cohousing.org on
behalf of johngoldberg [at] hotmail.com> wrote:

>
>Have you ever applied to Golden 1 Credit Union (in California) for a
> mortgage for a home in cohousing? If so, were you approved or denied?

>I ask because we were denied. They said they have a policy of not
>loaning to cohousing, no exceptions.
>
>Thank you,
>
>John Goldberg, MBALecturerGraduate School of ManagementUniversity of
>California, Davis