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Buyer Beware! If the condominium project where you are looking to purchase has an HOA delinquency of greater than 15%, then you will have a difficult time obtaining financing from most if not all lenders. BEFORE you go into escrow, make sure you check the HOA delinquency rate of the condominium project you are making an offer into. You do not want to start the process, get your hopes up, only to find that you that you can't get funding.
Couple of work arounds:
1) Pay the HOA deliquencies to get them current. Anyone can pay these. Depending on how expensive it is, could be worth it.
2) Have HOA recheck condo cert and make sure HOA delinquency figure is accurate. We had an HOA manager counting late HOA payments as delinquent even though there was a 15 day grace period.
Best advice: due your due diligence upfront before making an offer on a condo project
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