Mortgage Help, please

I am facing the same problem right now. We already got a pre-approval from the Bank for a jumbo loan with 25% downpayment but because the building we want to buy is not a fannie mae approved condo the bank said they might ask us to put 5% more in closing. Now I'm considering to walk away from this deal and buy a coop unless a seller gives us 5-10% discount.

There can be exceptions made for single entities owning more than 10%. Is the 21% owned rented to non-evict tenants? Can you tell me which condo? And I can look into it for you. Anna, the building doesn't necessarily have to be fannie mae approved. Banks have their own condo approval system as well. Although it does follow fannie mae guidelines. Is your building's issue the single entity ownership as well? The 2 big issues I've been seeing are single entities owning more than 10% and the condo budget not having a line item on their budget for reserves for future repairs. Its a battle but it can be won. sunny.hong@bankofamerica.com

Sunny, it's 382 CPW.And yes, to my understanding, there are sponsor units for sale and the rest are rented to non-evict tenants. If you can help me out, please e-mail me directly at smacstein@gmail.com. Thanks in advance for your help.