Problems with condo financing on the Big Island -- Waikoloa Beach

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Hi everyone,

We are in escrow to buy a condo in the Waikoloa Beach resort area on the Big Island of Hawaii. Specifically, the Waikoloa Beach Villas.  We just found out that the these condos are ineligible for mortgages per Fannie Mae guidelines.  

Here is the relevant page on the Fannie Mae website:

https://www.fanniemae.com/content/fact_sheet/ineli...

Has anybody here on BP run into this issue here or with condo projects elsewhere?   Any suggestions on what to do next?  Mahalo!