Real Estate on Condo's

hello everyone in my AR family. I have a question? We recently closed on a home that was a $550K condo. the lender required the buyer to jump through many hoops due to the price of the condo.....and the buyer was willing to do this. Because on a condo you~the buyer have to provide insurance on the contents inside the home, and the HOA has to have the insurance on the building itself. Now, there is a Propery Management company that usually runs the financials for the community. There is a law that states that the Property Management and the HOA must have what is called a FIDELITY BOND. The property management company has the bond and the HOA did NOT. The lender would not get it, then they finally did after about 5 or so days of going back and forth.

The lender states that the every Condo will be required to have this BOND. We made sure that the other condo community has it and they do.

We were wondering if anyone else in Indiana or other states have experienced this problem.

thank you