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

[David Mandel (dlmandel]

Thanks for doing this, Katie. Can you possibly share the paperwork you used
to get FHA approval for your community? I set out to do that awhile back
but it seemed daunting so I laid it aside. And people should realize that
needs to be done separately for each community; your request for a policy
statement from FHA/FNMA (and FHLMC too I hope) is something different.

Also, as I'm sure you explained in your request but others should know when
dealing with lenders: Not all cohousing communities are condominium
projects. Some are in fact co-ops or other forms of development, even
rental. The point is: Those that are condominium should be treated no
differently from other condo projects.

David Mandel
Southside Park Coho, Sacramento



On Thu, May 5, 2016 at 5:19 AM, Fred-List manager <fholson [at] cohousing.org>
wrote:

>
> 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
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>