Help please, ideas needed for condo purchase.

[Steve James]

Good evening all,

I would appreciate any advice people could help us with, thanks in advance.

Backstory...

We are set to close on a condo that will serve as a second home, then housing for daughter for college, then eventually an investment property. All the financials look great and we have it under contract. We were preapproved and have the cash for down payment. We are using a mortgage broker and during the final stages the Fannie Mae review has stopped the process dead. Fannie Mae requires that no more than 50% of the complex can be listed as rentals and now it looks like the mortgage won't fund. Typically people purchase these with cash, but we don't have that. We are still waiting for final word but it's not looking good. We don't want to loose this awesome opportunity. Please offer any advice other than potential hard money lending. Thanks