Clearwater, FL (PRWEB) May 17, 2011
The Federal National Mortgage Association (FNMA), also known as Fannie Mae, has granted final project approval for Waters Edge condos in Clearwater, Florida. This milestone, together with the Federal Housing Administration (FHA) approval attained in October, makes it easier for prospective buyers to obtain affordable financing for the luxury condo units.
Waters Edge was revitalized in July 2010, offering residences up to half off the original selling price. Since then, sales have been brisk more than 50% of the units have already been purchased. According to MLS records, Waters Edge has become the best-selling condominium in Pinellas County following its grand re-opening last year.
As a preferred lender for Waters Edge, weve seen a great deal of consumer interest in the building, said Ed Koch, Senior Mortgage Loan Officer for HomeBanc. Fannie Maes final project acceptance comes as welcome news for those seeking to finance a home at Waters Edge, because the condos 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, as well as faster qualification and a shorter closing process.
Fannie Mae has rigorous standards for granting approval of condo projects. The condominium must have 50% or higher occupancy and prove it has the necessary financial backing to ensure project success. At least 10% of the annual budget must be allocated to reserves and replacement, and no more than 15% of condo owners may be 30 days past due on their association payments. Because Waters Edge fulfilled all of the Fannie Mae requirements, owners and potential buyers can be confident that their investment is a sound one.
Individuals seeking to purchase a primary or secondary home at Waters Edge can apply for conforming loan financing through either of Waters Edges preferred lenders, HomeBanc or Wells Fargo Home Mortgage, both of which offer 30-year, fixed-rate loans with a down payment of 20% or less. Many buyers have realized that now is the ideal time to purchase a home, noted Koch. Interest rates are still low, and high-end Florida condos like Waters Edge are offering fantastic deals. People are looking to take advantage of the current buyers market before housing prices start creeping upward again; and as a result, were seeing a lot of movement in the local luxury real estate market.
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