This may be a case of "Oops, I'm not able to do this loan" syndrome. This happens when a loan officer doesn't do his/her homework and realizes after going half way through the process, he/she cannot do the loan because it is not warranted by Fannie Mae or there are too many investors in the project or the Association is in financial trouble or the maximum debt ratio on a certain program is 42% instead of 46% or...Your best bet is to go with one of these guys below that took the time to answer your question.

What you are saying makes no sense to me. With that purchase price and that down payment I am suprised you didn't get a limited project review making the condo easier to approve. I did have a borrower that ran into a similar situation, The loan closed this past week.

Condos can be tricky some times. You can get rejected because of the condo requirements. If that is the case, then you may need 20% down. Which it seems to me you may have that.
I can definitely help you out. Contact me and I will get you in that condo.........

Its a 3 story building that was converted 4 years ago from the studs out. Inspection went flawless.

Is the condo new construction or a conversion?