Lisa Barton

Good news for first time home buyers who would like to purchase a new home at the Beach! Ocean’s Edge Condominium, located in Jacksonville Beach, recently won FHA financing approval. Ocean’s Edge is now one of less than 20 FHA approved condo communities in the Jacksonville area. FHA funding is attractive to first time home buyers because the down payment requirement is only 3.5%, and a portion of standard closing costs can be paid for by the seller. Because the majority of condo communities in Jacksonville are not approved for FHA funding, first time buyers have a limited selection of condos that they can purchase for a low down payment. In order to be approved for FHA financing, the community must demonstrate that the condo association is financially healthy through an independent audit of the association budget. Additionally, the community must be primarily comprised of owner-occupants and second homeowners rather than investors and the building construction must be up to FHA standards.