Condo Financing Faces New Challenge

We recently had the sale of a condo at Sea Oaks in Mashpee, MA fall apart over the condo associations refusal to answer four questions that required an opinion or judgement.

The mortgage provider had sent a form to the association's management company, American Properties Team of Woburn, MA. American Properties provided a comprehensive form that failed to answer four questions. Neither the lender or APT would budge.

There are several questions that I am attempting to get answered:

1. Can a condo be purchased with an FHA backed loan at a property managed by APT or any association whose attorneys refuse to allow them to answer questions requiring an opinion? (i.e. is the maintenance reserve adequate?)

2. Do all lenders use the same form?

3. Which lenders will accept the pre-prepared form provided by the association?

I will keep you updated.