North Star Yacht Club in Fort Myers announces Fannie Mae Approval

North Star Yacht Club received project approval from Fannie Mae allowing greater financing options for purchasers in this luxury riverfront condominium community in North Fort Myers, Fla. End Quote

(1888PressRelease) July 01, 2010 - North Star Yacht Club, a luxury riverfront condominium community in North Fort Myers has received project approval from Fannie Mae. This approval will allow eligible lenders to sell their loans through Fannie Mae and opens the door to conventional financing options for purchasers at North Star Yacht Club.

"The Fannie Mae approval process is a thorough examination and evaluation of specific criteria including ownership status and occupancy, delinquency of homeowner association dues, financial stability, insurance coverage and property condition," said Sam Morgan, director of sales for The Marketing Directors, the exclusive sales and marketing firm for North Star Yacht Club. "North Star Yacht Club met or exceeded the criteria and made great strides in the 2009-2010 season, achieving more than 40 cash closings in 90 days. These are great achievements in today's lending climate, and this approval makes it easier than ever to own a condominium home at North Star Yacht Club."

Before granting approval, Fannie Mae representatives evaluated the community's homeowners' association structure to determine that it is financially sound. The condominium also had to demonstrate that the homes sold in the community are primarily owned by owner-occupants and second homeowners rather than investors.

"Since most of our residents are primary and secondary home purchasers, the community has healthy financials. In addition, our new construction is at the highest standards - as a result, North Star Yacht Club has met Fannie Mae's criteria with high marks," said Mike Banson, sales representative.

Established in 1938 as a federal agency, Fannie Mae is a government-sponsored enterprise that was chartered by Congress in 1968 as a private shareholder-owned company. Its mission is to provide liquidity, stability and affordability to the U.S. housing and mortgage markets by operating in the U.S. secondary mortgage markets. Fannie Mae does not make home loans to consumers directly but works with mortgage bankers, brokers and other primary mortgage market partners to ensure they have funds to lend to homebuyers at affordable rates. Fannie Mae's approval of North Star Yacht Club now brings liquidity, stability and affordability to the current and future residents of this community.

North Star Yacht Club, twin 12-story high rises with penthouse level located along the Caloosahatchee River in North Fort Myers, offers luxury riverfront condominium residences starting at $234,900. North Star Yacht Club is located at 3420 Hancock Bridge Parkway in North Fort Myers. The sales center and model residences are open Monday through Friday from 10:00 a.m. to 6:00 p.m., Saturday from 10:00 a.m. to 5:00 p.m., and Sunday noon to 5:00 p.m. For more information, call (239) 995-8200.

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