Cohousing-L Mailing List: Home Equity/Mortgage Loan Denial-Need Resolution

[Bill Cunninghame (bevepdx]

Hello,

I searched through the cohousing-L archives but didn't find what I was
looking for (possibly due to my search criteria!).  I recently applied for
a home equity loan at my local credit union.  Though I am a well qualified
borrower, great credit, etc, they denied the application stating "Cohousing
Communities are not a collateral we are able to work with..." What's up
with that?  I'm formulating a letter to the credit union CEO, not to
complain (though I want to!) but to invite him and his lending management
to a private open house so we can educate them about cohousing. The
ultimate goal is for them to reconsider my application but if that doesn't
work it could lay the ground work for the next cohousing applicant. Have
you tried this approach or something similar?  What worked to convince your
lender to approve a loan against a cohousing home?  What didn't work?  Your
suggestions are most welcome.

Bill Cunninghame
Daybreak Cohousing
Portland, OR