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"New Condo Questionnaire standards for conventional will require 25% down"

Hi everyone, I live in Florida and have been in the market to buy a condo for some time. Recently found one I really like and actually put an offer in on Thursday morning. Offered them all of the money they were looking for since it's the best in terms of value that I've seen. It was for a conventional loan by the way with around 15% down.

On the confidential information page, the sellers agent lists "I do not believe this would approve for FHA Financing due to windows leaking, new condo questionnaire standards for conventional will require 25% down."

I asked my agent what this is and should I even offer if I can't do 25%. He basically brushed it off and said my credit is good enough that it doesn't matter and a bank would basically beg me to take money from them. With that said, I put in the offer and waited. Thursday night my agent texts me saying that him and the lender he works with are trying to figure out what this 25% thing means since it is "new and people are trying to figure it out." I told him to please keep me posted since my offer expires Friday morning at 10 and I'd like to know if they accept or counter.

Flash forward to Friday morning and crickets. The property is still listed on the market without a pending offer. My agent is not being straightforward with me on this because I don't think he knows what the hell he's doing tbh. I tried googling what it could mean but can't find anything.

Lol I guess my question is, does anyone have an idea what this condo questionnaire standards might mean? Maybe I should add that the place is currently a rental, but I'd be using it as a primary residence.

Thank you.

submitted by /u/PutThatThingInSport
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/sfikfb/new_condo_questionnaire_standards_for/
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