Cohousing-L Mailing List: FNMA and pseudo-FNMA approval

[Judy (BAXTER%EPIHUB]

Here's an interesting finance question for you all.  The mortgage banker who
has been interested in working with us has suggested the following - he (they)
work with us to see that we meet the requirements for FNMA loans, and certify
to their lenders (I'm not sure what word they use here, for certify, and
exactly what that means) that we meet them.  Then the lenders check it out, and
go ahead as if FNMA approved, but with less cost, paperwork, and bureacratic
hassles.

My question is - has anybody heard of this?  Pitfalls?  I wonder how this
affects resale - are we tied to this one mortgage lender, etc.  

Judy Baxter, Monterey Cohousing Community, (MoCoCo)
Twin Cities Area, Minneapolis/St.Paul Minnesota
e-mail: baxter [at] epivax.epi.umn.edu