One of the advantages of being a mortgage broker like myself vs working at a bank is that we are always privy to the latest and greatest loan programs that offer more leeway or are more aggressive to help the home buyer.
Back in my younger days at the bank, we were always told we needed 25% down on a condo. Nowadays we can get away with much less down payment if the condo is able to pass a full review of certain HOA requirements, especially RESERVE requirements.
It is a Fannie Mae rule that in order to qualify for a low money down mortgage, the reserve requirement for the condo needs to be at 10.00% as well as passing other requirements making sure everything is marketable and warantable.
During the last several months, I have come across a few deals where the ratio comes out to be 8.65% and the loan gets denied. It is a somewhat complicated calculation which I am available to help with.