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Ocean’s Edge at Jacksonville Beach Receives Fannie Mae Approval

August 11th, 2010 · Leave a Comment

Ocean’s Edge, the beachside community of condominium homes in Jacksonville Beach, announced in a recent press release it has received Fannie Mae project approval, making it possible for qualified buyers at the community interested in a conventional loan to receive financing.

To receive Fannie Mae approval, Ocean’s Edge had to prove that the condominium association is financially healthy and current residents are 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. Vikki Robbins, partner of Pace Builder Services, the real estate company responsible for sales and marketing at the community, provided additional insight into the process.

“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. 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.

Congratulations to the team at Ocean’s Edge for their hard work and dedication.

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.

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