Ocean’s Edge, the beachside community of condominium homes in South Jacksonville Beach, is making it possible for qualified first-time homebuyers and their parents to obtain low down payment, fixed rate mortgages at competitive rates through special Federal Housing Administration (FHA) financing options referred to as “Kiddie Condo” loans.

According to a recent press release, through the FHA Kiddie Condo program, students and young professionals can purchase a condo as a co-buyer using their parent’s credit and income history without the parent being the primary occupant of the property. The co-borrower, often an adult child, is required to live in the home and because the home is not considered a second-home or an investment property, the interest rates are the same as a traditional FHA loan. The main requirement is that the owner and co-owner be blood relatives.

In the case of Kurt Hornsby, a young professional who works in downtown Jacksonville, purchasing a home at Ocean’s Edge was the perfect fit. Here’s what he had to say about the experience:

“My parents and I were looking for a home that would be both affordable and close to the beach. We ultimately decided on Ocean’s Edge because of the quality of the homes and community amenities coupled with the benefits of the FHA Kiddie Condo loan. Before coming to the community we had no idea this loan option was available to us.”

Hornsby also highlights several unique features of the Ocean’s Edge lifestyle that made the decision to purchase an easy one, including the good mixture of different age groups and backgrounds of the residents and the ability to walk to the beach, restaurants and shopping.

For parents of students heading off to college, the benefits of utilizing the FHA Kiddie Condo program to co-own a home with their child can also be an attractive alternative to the cost of campus housing during the four years of college. The program allows the occupant of the home to charge rent to potential roommates, which can supplement the monthly cost of the mortgage and provide an immediate return on investment.

Vikki Robbins, owner of Pace Builder Services, the sales and marketing group responsible for sales at Ocean’s Edge, says the use of the FHA Kiddie Condo program is a growing phenomenon among purchasers at the Jacksonville Beach community.

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