As you can tell there are all kinds of rules, restrictions, regulations and these can get the best of lenders who don't regularly finance condos.
you know what your up against and the new lender can tell you yes or no prior to spending more money on what usually turns into a new appraisal. Let me know if I can help.
If your trying to purchase using FHA financing, you need to find out if the community is FHA Approved before making an offer! Go to http://www.FHA.gov and find the community you have interest in and see if it is on the list. Typically it will be if the community is more than 50% owner occupied and meets other basic requirements.
Financing is getting tougher. Other than FHA approved properties where you can put 3.5% down, most lender are requiring 10%, sometimes 20% down because of communities that are high risk of foreclosure on unkeep is not the best. Yes, try different lenders...it is your money after all! You need to ask them if they do many condo/town home type loans. If they do not, move on to another lender. I have a good list of lenders on my web site if you need some suggestions.
What are your concern with buying this condo?
How is your credit? Is the condo FHA and/or Fannie Mae approved?
Elliott R. Oliva
Se Habla Espanol
He has been very helpful to my clients that couldn't get a loan done elsewhere. Do you not have an agent working with you? If not I would be happy to help you.