20% down required by Fannie Mae due to low HOA reserves?
Hello,
I'm trying to buy a condo in California and was told by the seller's real estate agent that I had to put at least 20% down. He said this was a Fannie Mae requirement because the Home Owners Association had very low reserves -- many owners were not current on their monthly payments. There are about 45 total units.
It is a bank owned property.
Has anyone heard of this Fannie Mae requirement? I have googled for an answer and checked their website without success.
Thanks,
Pat