The single-level condominiums at the waterfront community of Old San Jose on the River in Jacksonville have received Fannie Mae approval, making it easier for prospective buyers to obtain affordable financing. There are fewer than 75 Fannie Mae-approved condominiums in the state.
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.