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

[Fred H Olson (fholson]

Monty Berman <mberman116 [at] hotmail.com>
is the author of the message below.  It was posted by
Fred, the Cohousing-L list manager <fholson [at] cohousing.org>
after deleting quoted digest.
--------------------  FORWARDED MESSAGE FOLLOWS --------------------

8/27
Try Tompkins Trust Co. in Ithaca, NY, 607-273-0131 or 3370. They did
substantial mortgage lending, inluding mine, for EcoVillage at Ithaca.
Also, try Liz Walker who co-ordinates the third EcoVillage at Ithaca
neighborhood NOW BEING BUILT.liz [at] ecovillage.ithaca.ny.us Monty Berman
founding member, EcoVillage at Ithaca.

Be ye lamps unto yourselves, be your own confidence. Hold to the truth
within yourselves as to the only lamp.

Buddhist benediction


Patti JPCohousing, Boston MA. 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.