Condos that don't have 10% in reserves require 20% down ?

[Anthony Velez]

I live in south florida and I'm currently looking to buy a condo to live in it for a while then rent it out , however I have been running into a problem .I have been approved for 150,000 with Quicken Loans . This amount only leaves me with the option of buying a condo , but my loan officer says that if the Hoa does not have a min of a 9% in the reserves they would require a 20% down . Most of the condo that I have been interested don't have the 9% . I wanted to know if there is any way around this .

[Russell Brazil]

Im not sure what the reserve requirements are, but @Chris Mason and @Upen Patel are both lenders who would know.

On another note....dont use quickent loans.  High fees, high rates, low competency.