This was reported August 5, 2009 in the San Francisco Chronicle: Back in September, when Tae Hong signed a contract to buy a condominium in Oakland’s new Pacific Cannery Lofts, he expected to move in quickly. With a 20 percent down payment, excellent credit and good employment as an options trader, he seemed assured of qualifying for a home loan.

But Hong, 26, couldn’t get a mortgage. The problem wasn’t with him – it was with new, tighter rules for condo loans that are affecting entire developments.

“Suddenly, the (Federal Housing Administration) increased the presale requirement from 25 percent to 51 percent” of the units, said Gail Stark, director of sales for the Pacific Cannery Lofts. “Then we had months of uncertainty. It was extremely frustrating; we had about 10 canceled contracts with buyers who couldn’t wait any longer.”

Eventually, the lender that had financed the construction of the lofts stepped in to issue mortgages to those wanting to buy them.

Hong finally closed on his unit in July, more than 10 months after agreeing to buy.

“It was very inconvenient,” he said. “Every week that went by, I was looking at interest rates going up little by little and worrying.”

Bottom line? What was true one day may not necessarily true the next. Be sure your mortgage broker is experienced. Read the rest of the story here.