Wanting To Buy a Condo.We've found a condo in our town which we can buy at a bargain price. When the RE market begins its recovery, I have no doubt that the unit will appreciate in value.We intend to sell our home, but doubt very much that we'll find a buyer before we purchase this one,( provided that we get the financing).The mortgage lender says the condo would be considered investment property, and not eligible for FHA financing. The final glitch in our mortgage approval has to do with Fannie Mae guidelines. Although the complex is 7 years old and meets every other requirement, the question of 6 lots has put the loan on hold. The builder, financially unable to build on these lots since the downturn, has recently sold them to another builder. The bank is now saying that these lots represent phase 2 in the project, making it fall under the new guidelines, and the condo documents don't adhere to the new guidelines. These lots are all part of the original complex but now have a new builder. It seems awfully anal to find this as a problem. We are putting 25% down, and as I said, all other requirements have been met. ( BTW, the 6 lots represent a total of 36 residences.) Any suggestions on how we can get around this? I would have no problem going through another lender.October 30 2011 - Brunswick00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.