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

[Jim Edwards (edwards.jim]

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


I totally agree.   Folks with good credit should be doing business with
their local Credit Union not Chase by any means.   That loan may look a
little more expensive up front, but it'll almost certainly be worth it in
the long run.

- Jim

On Mon, Aug 27, 2012 at 5:29 PM, R Philip Dowds <rpdowds [at] comcast.net> 
wrote:

>
>
> 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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-- 

Jim Edwards