can't buy a condo with conventional financing?

with 15% of the unit owners delinquent on condo fees you won't get FHA or VA financing either. Nor do you want too!The condo association is in trouble, if the property needs a capital improvement do they have the assets to make the repair/improvements? With the delinquencies are they even covering current expenses?

The biggest reason you are having difficulty in finding financing for a condo with a high level of units late on their dues is that lenders know that most homeowners' associations budgets are finely balanced, meaning that the dues generally produce just enough to pay monthly obligations and the required reserves for future big expense items, like re-roofing, etc. If too many units are not paying on time, this adds stress to the association's finances. The end result is that the association defers needed maintenance or worse, runs out of money. This can result in huge special assessments that most owners are neither anticipate nor able to pay. If you are determined to buy a condo, you must make sure the finances of the association are very strong. The bottom line is if FHA, VA, FNMA and FHMC don't want to lend in that community, you should probably take the hint and not buy in it either.

In most areas, condos are the first to depreciate and the last to appreciate. With the exception of a few select areas in the country, generally, condo's are not the best investment.. that being said, lenders are fully aware of this and they place guidelines in place to protect their security. Like Andrew said, if the lender wont finance it, you don't want it... WilliamAcres.com

I would reconsider purchasing in this condo project. .... These are not good indicators. ...But, if you want to go forward we have lenders that do not require condo documentation. .... 20% down payment would be required. .... Happy funding, Rudi