Re: Affordable (Co)housing | <– Date –> <– Thread –> |
From: Diana Carroll (dianaecarrollgmail.com) | |
Date: Tue, 20 Apr 2021 04:43:59 -0700 (PDT) |
“ How do they build equity? If they stay for many years do they eventually own the unit?” Yes. It’s regular ownership. They have a regular mortgage from a regular bank. Every dollar they pay towards the principal builds their equity. If they get a 30 year mortgage, they will own the house outright in 30 years. The only thing different about their ownership from a standard unit is a restriction on who they can sell to and how much the can sell for. (And the former is negotiable—if they are unable to find a qualified buyer within a certain time frame, they can sell to anyone.) On Tue, Apr 20, 2021 at 7:36 AM Sharon Villines via Cohousing-L < cohousing-l [at] cohousing.org> wrote: > > On Apr 19, 2021, at 9:06 PM, Diana Carroll <dianaecarroll [at] gmail.com> > wrote: > > > They still get some cushion. They will get back all the equity they have > > built up, meaning their downpayment and the amount they have paid down > the > > mortgage. If they started with 5% down (that's what our program requires) > > and lived there for several years, maybe they could leave with 15% or > more > > back in cash. That would help them have the 5% down for another similar > > property, or plenty for first/last/security if they go back to renting. > So > > it isn't a total loss. > > It sounds like they do get something. > > How do they build equity? If they stay for many years do they eventually > own the unit? > > Sharon > ---- > Sharon Villines, Washington DC > > "The forest was shrinking, but the trees kept voting for the Axe, for the > Axe was clever and convinced the Trees that because his handle was made of > wood, he was one of them." -- Turkish proverb > > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://L.cohousing.org/info > > > >
- Re: Affordable (Co)housing, (continued)
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Re: Affordable (Co)housing Diana Carroll, April 19 2021
- Re: Affordable (Co)housing Ann Zabaldo, April 19 2021
- Re: Affordable (Co)housing Diana Carroll, April 19 2021
- Re: Affordable (Co)housing Sharon Villines, April 20 2021
- Re: Affordable (Co)housing Diana Carroll, April 20 2021
- Re: Affordable (Co)housing R Philip Dowds, April 20 2021
- Re: Affordable (Co)housing Sharon Villines, April 28 2021
- Re: Affordable (Co)housing Bob Leigh, April 30 2021
- Re: Affordable (Co)housing Sharon Villines, May 1 2021
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Re: Affordable (Co)housing Diana Carroll, April 19 2021
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