Good for you for asking such a great quesiton and doing the research on your condo in advance! Yes, it is an issue to qualify for a loan if one person or entity owns more that 10% of the units in the condo project. The reason this if of concern to the lender is if that person runs into financial difficulties, that one person could financially ruin the HOA.
In your case, this one person owns almost 30% of the units! You may still be able to get a loan if you are very well qualified, as this will lessen the lender concerns about the condo project and they may only request a limited review of the project.
With all of that being said, I believe you have reason to be very concerned for all three of your state reasons. Maybe talk to a few of the other homeowners and find out about the HOA from their perspective.
Good luck with your decision!
Tripoint Mortgage Group, Inc.
Well it sounds like you have either, the builder as owner of some of the condo's ...or an avid investor. Many CC&R's won't allow this, and it will have an effect on your loan a well. Have your agent investigate further, and your buyer agent will also have loan officer to ask as well.
For a quick response, send an email to Danny Baldwin at Pacific One Lending at DBaldwin@Pacific1Lending.com put in the subject line: "ques. re: a condo for Emily Knell"
Even with the owner vs. non-owner occupant issue, when you go to sell, if the ration is say, at 35% today, it could be higher in the future. It can hurt your future value if the condo community becomes a "cash buyers only neighb" in the future.