My wife works for an HOA company. She had to have a special assesment done for some condos. It ended up costing everyone in the HOA a couple grand. So you can get a special assesment out of nowhere. Also BofA has three stages of approval. We got through the first stage with BofA excepting our 2% closing cost from the seller. However after the third stage it was removed from the contract. Of course they offered a loan mod to the seller so that didnt matter much.
Just asked the wife and she says that anything under 60% isn’t good. Below that and you risk having a special assesment if anything major stops working.
