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Old San Jose on the River Single-Level Condominiums Receive Fannie Mae Approval

August 15th, 2013 · Leave a Comment

The single-level condominiums at the waterfront community of 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 residences. There are less than 75 Fannie Mae approved condominiums in the state of Florida and Old San Jose on the River is 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 of the River to a larger group of buyers.”

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

Fannie Mae approval is welcome news for those seeking to finance a condominium home at Old San Jose on the River because the single-level condominium residences are now eligible for government-backed conventional loans, making it possible for prospective buyers to enjoy lower interest rates and smaller down payments than with other types of loans.

The single-level condominium homes at the waterfront community of Old San Jose on the River offer the size, comfort and features of a single-family home but with the ease of a low-maintenance condominium lifestyle. The condos are housed in low-rise buildings holding three units, including one lower level and two upper level residences, ranging in size from 1,967 square feet to 2,075 square feet, and designed with individual entrances, generous storage and abundant natural light. Every residence offers direct access to an attached two-car garage. The first floor condominiums offer an expansive lanai and the second story residences include a large balcony and a private elevator. There is a designer-decorated condominium model home available for visitors to tour. Pricing for the condominium homes starts at $370,500.

More information is available at www.oldsanjose.com.

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