[Year-Round Housing Committee] Fw: mortgages in future obtainable?

[Amy Tierney]

>From talking with the mortgage broker his concern was if we get this
loan and build a house can the town take the land back in a year or two
for some reason and where would that leave us with the house.  It also
seemed in talking with him that just getting 'preapproved' is not quite
the same as being approved especially in a unique case like this, so he
wanted to hold on doing any sort of approval before he sees the lease- a
bank may be different than a mortgage broker- I'm not sure.

 

Amy Tierney

Marketing Representative

<mailto:atierney at nortonne.com> 

Please note coverage changes can not be taken nor coverages bound via
this email system.  thanks! 

 

________________________________

From: housingcommittee-bounces at townoflongisland.us
[mailto:housingcommittee-bounces at townoflongisland.us] On Behalf Of
Chris at PeanutAllergy.Com
Sent: Wednesday, April 04, 2007 12:20 PM
To: housingcommittee at townoflongisland.us
Subject: [Year-Round Housing Committee] Fw: mortgages in future
obtainable?

 

NOTE: This may have already been figured out, please let me know if we
have already researched this and what we were told (and by how many
banks and which banks, lengths of terms needed etc.).

 

If a house is built on a leased land property, and the bank has say... a
99 year minimum to give a loan on it. Then what happens 10 years down
the road when there is only 89 years left on the lease, will someone be
able to find a loan to purchase the house so that the seller will be
able to sell the house without having to find a cash buyer?

 

Alden if we have not checked on this already, could you find out from
the banks that currently offer this type of loan how this works in the
future as they may have programs etc. for future buyers.

 

Chris Papkee

----- Original Message ----- 

From: rraftman at aol.com 

To: chris at peanutallergy.com 

Sent: Tuesday, April 03, 2007 4:35 PM

Subject: Fwd: [Year-Round Housing Committee] pre approval

 

 

 
-----Original Message-----
From: atierney at nortonne.com
To: housingcommittee at townoflongisland.us
Sent: Tue, 3 Apr 2007 3:29 PM
Subject: [Year-Round Housing Committee] pre approval

[Unable to display image] 

FYI.. 

I called the mortgage broker that we have been working with to see if he
could pre approve us for the leased land idea and he said he could do it
but would need to see a copy of the lease the town would be offering
before he could really get us numbers.  He also said most banks/
mortgage brokers will require the same thing.

Something to think about.

Amy

 

Amy Tierney

Marketing Representative

 

Norton Insurance Agency

275 US Route 1

Cumberland Foreside, ME 04110

Phone: 829-3450 

Toll Free: 1-800-777-5244

Fax: 829-6350

 

atierney at nortonne.com

 

Please note coverage changes can not be taken nor coverages bound via
this email system.  thanks! 

 

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