JACKSONVILLE BEACH, Fla., Aug. 3 /PRNewswire/ -- Ocean's Edge, the beachside community of condominium homes in Jacksonville Beach, has received Fannie Mae project approval, making it possible for qualified buyers at the community interested in a conventional loan to receive financing.

"A Fannie Mae approval of a condominium project means that loans secured by individual condominium units within the project are eligible for delivery to Fannie Mae, and therefore a secure investment for financial institutions," said Holly Rasmussen, sales and marketing vice president for Condo Capital Solutions LLC, the owner of Ocean's Edge. "In today's market, there are many condominium communities that do not have Fannie Mae approval, which makes it very difficult in the current lending climate for buyers to finance the purchase of a condominium as a second home or vacation home."

To receive Fannie Mae approval, Ocean's Edge satisfied multiple criteria, said Vikki Robbins, partner of Pace Builder Services, the real estate company responsible for sales and marketing at the community. Ocean's Edge had to prove that the condominium association is financially healthy and current residents up to date on their condominium dues. Ocean's Edge had to show the community is primarily comprised of owner-occupants and second homeowners rather than investors. It also needed to demonstrate a low incidence of loan defaults and delinquencies.

"If Fannie Mae warrants its approval of a project, it certifies that the property is secure enough for Fannie Mae to purchase the mortgage loan," said Robbins. "We have been able to provide proof that primary and second-home purchasers are buying at Ocean's Edge, and because owner-occupied condominium communities tend to enjoy more stable property values than investor-owned communities, this signifies to lenders that Ocean's Edge is a warranted project. Without Fannie Mae approval, lenders simply aren't offering conventional mortgages in Florida condominiums.  That is why this approval is so important."

According to its website, Fannie Mae operates in the U.S. secondary mortgage market. Rather than making home loans directly to consumers, Fannie Mae works with mortgage bankers, brokers and other primary mortgage market partners to help ensure they have funds to lend to homebuyers at affordable rates.

More information about Ocean's Edge is available by calling (904) 247-9052, visiting the community at 107 25th Ave. South in Jacksonville Beach or visiting online at www.oceansedgeliving.com.

SOURCE Ocean's Edge

Back to top

RELATED LINKS
http://www.oceansedgeliving.com