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Struggling to get mortgage for home in community land trust

Hello,

I've been in the process of trying to get a mortgage for a home located in a community land trust. The home is located in PA. It is a newer, beautiful home located near the waterfront that is very affordable due to it being part of this trust. Basically how the situation works is the trust owns all the land in the community, but an individual owns the house that is built on the land. Every lot owner in the community owns an equal share of the trust (not owned by a large corporation or anything). Most owners have either paid with cash or a home-equity loan, which I'm unfortunately not able to do being a first time home buyer. The frustrating thing is no lender will touch it due to the collateral issue, and it doesn't qualify for Fannie Mae as there is no grounds lease for the property. I've probably gone through a couple dozen lenders so far and made it to various stages, but nothing was ever official.

In terms of the financials, the sales agreement for the home is $305k, and I am able to make a 30% down payment. I have been with the same company for the past 6 years, now making about $93k a year. Credit score is around 750. I'm interested in doing a shorter-term loan (like 15 years).

All in all, it just sort of baffles me that even in this higher interest rate environment, nobody will take the mortgage on their books given my financial situation.

It is definitely a different situation but am just wondering if anybody has had a similar experience or has any advice. Thanks!

submitted by /u/Inevitable_Case9209
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source https://www.reddit.com/r/RealEstate/comments/17ys1bi/struggling_to_get_mortgage_for_home_in_community/
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