Cohousing-L Mailing List: Re: Mortgage lenders and cohousing

[R Philip Dowds (rpdowds]

Shun the local branches of international banks.  Try to work with a local bank, 
or savings and loan.

RPD

On Aug 27, 2012, at 9:14 AM, "Lautner, Patricia" <Patricia.Lautner [at] 
umassmed.edu> wrote:

> 
> Is anyone else having problems with lenders?  We found out recently that 
> Chase has put Cohousing on a 'No Go' list and won't provide financing.  We 
> recently had a sale where the buyers were turned down because the word 
> Cohousing in our name apparently triggered what is called  a "Long Form 
> Review" of our condo docs.  Even though we believe we have very standard - 
> vanilla State of MA condo docs, we do have a Right of First Refusal clause, a 
> Transfer Fee clause, and the guest suites are mentioned.  So far three 
> different lenders site one of these mentioned clauses as reason for denying 
> the mortgage (on a high income, dual income, young couple putting more than 
> 25% down!)
> 
> I'm on the Board at JPCohousing and we're considering our options.  Please 
> let me know if you've had any problem like this and what your community is 
> doing about it.
> 
> Thanks,
> 
> Patti
> JPCohousing, Boston MA.
> 
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