Anyone know if  is a condo project is warrantable if 25% of units are 30+ days delinquent on HOA dues? Deal is otherwise very clean, requires full condo review. A certain big lender is kicking this out and claiming this is a fannie thing and cannot go agency, but nowadays I am not taking their word for it...

Recent rule change says that no more than 15% of the units can be 30 days or more past due.

This may be a long shot Dave but it saved me.  I showed a delinquency of 18% so went back to the management company.  I asked them to double check this for me.  After probing the clerk (key point here) who was filling out the hoa cert I realized, as she did, she might be miscalculating the actual delinquency rate. 

She talked to her manager who confirmed the delinquency should only be for those that are MORE than 30 days late and she was counting anyone was late for any period of time.  This cleared up 3 of the delinquencies and got me to 12%.  I would definitely double check yours and realize that much of the time you have entry level clerks going thru this data and may not be clear on what they should be looking for...a little alarming considering the potential impact of this data. 

Hope it works out for you.

Tony

That's some good advice Tony. I'm going to keep that in mind. It's a damn shame when your neighbors are the reason that you get denied for a mortgage. What is this industry coming to?