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Old San Jose on the River Receives Fannie Mae Approval

November 19th, 2012 · Leave a Comment

The riverfront condominiums at Old San Jose on the River in Jacksonville have received Fannie Mae (FNMA) approval, making it easier for prospective buyers to obtain affordable financing for the luxury condominium residences. Located on San Jose Boulevard near Jacksonville’s historic San Marco neighborhood, the condominiums at the riverfront community are one of only 79 Fannie Mae approved condominiums in the state of Florida and the only luxury condominium community located in the Jacksonville region.

“Fannie Mae approval is an indication that Old San Jose on the River is a financially healthy community and a solid investment with long-term viability,” said Victoria “Vikki” Robbins of Victoria Robbins Realty, Inc., the real estate company responsible for sales at Old San Jose. “I am very pleased with the approval as it provides an opportunity to own a condominium at Old San Jose on the River to a larger group of buyers.”

To receive Fannie Mae approval, Old San Jose on the River had to demonstrate that the condominium association is financially secure and current residents are up-to-date on their condominium dues. In addition, Old San Jose on the River had to show the community is primarily comprised of owner-occupants rather than investors. Old San Jose also had to demonstrate a low incidence of loan defaults and delinquencies.

Fannie Mae final project approval comes as welcome news for those seeking to finance a condominium home at Old San Jose on the River because the condominium residences are now eligible for government-backed conventional loans. This means prospective buyers can enjoy lower interest rates and smaller down payments than with other types of loans.

The riverfront condominium residences feature multiple floor plans and are housed in a five-story, 18-unit dwelling on the banks of the St. Johns River. The community is located at 5000 San Jose Blvd. More information is available here.

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