Categorized | JAX Briefs

Valencia receives FHA approval

Valencia, a condominium community in South Jacksonville Beach, has received Federal Housing Administration (FHA) approval.  The FHA financing option will benefit qualified prospective buyers looking to purchase at Valencia, one of only a few new construction condominium communities in the Jacksonville area that have received FHA approval.

Without FHA approval, it can be difficult in the current lending market for buyers to finance the purchase of a condominium home.  The FHA program and rates are designed to help individuals buy homes with low down payment, fixed rate mortgages at competitive rates.

In order to receive FHA approval, a new construction condominium building must meet an exhaustive list of criteria.  The various stages for FHA approval include extensive financial review and an independent audit of the association budget.  Valencia had to prove the community is primarily comprised of owner-occupied homeowners rather than investors and that the construction of the community meets FHA standards.

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