Mortgage contingency - 50% Rule?

[Chris Dutton]

I'm in the process of purchasing a condo in a new construction triple-decker in Jamaica Plain. My unti (#3) was completed and listed first (in October), followed shortly by unit #2 (unit #1 is still under construction). Since this is a brand new construction, I will obviously be the first owner-occupant in the building.

My mortgage has a contingency known as the "50% rule", stating that at least one of the other two units must go under agreement before my mortgage is approved. I didn't think this would be a concern (units have been selling very quickly in the neighborhood), but for a number of reasons unit #2 still hasn't gone under agreement.

At this point my closing date has been pushed back 3 times, and I'm getting dangerously close to the end of my rental agreement (1/27).

Is this "50% rule" unavoidable in this circumstance, or are there lenders who would be willing to overlook it?