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

[Chris at PeanutAllergy.Com]

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

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