November 2016 – Page 8

Happy Veterans Day Downtown L.A.! #financing #lofts

As a veteran of the United States Air Force, it’s a special day for me and for our troops who corey-chambers-air-force-1988 are fighting and guarding us day and night. They all very much deserve our thanks! VA and FHA home loans are government sponsored financing to help veterans and also non-veteran first time homebuyers to afford the American Dream of home ownership. It turns out that helpful mortgage programs like these change sometimes, and, more often, become more or less effective based on changes in the housing market. Today unfortunately, FHA and VA are nearly 100% INEFFECTIVE in the booming Los Angeles housing market, especially for condominiums, and they have lately been totally useless for Downtown Los Angeles lofts for sale. But, there are other low-down payment alternatives.

The good news is that our heroes, both military and civilian, who thought that that they needed FHA or VA financing can find out that FreddieMac and other mortgage lender programs have plenty of low-down financing with 5%, 3% or even no down payment. The LA Loft Blog has posts with more details about the problems, delays and other issues that make VA/FHA impractical for Downtown lofts. >> MORE

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

As a reader of the L.A. Loft blog, you have priority access to privileged information about the best deal on a Downtown Loft Loan. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/x1aom04w05tl8g4/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

Copyright © 2016 This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

More than 25% of Downtown loft purchased in 2016 have been all cash purchases. Cash buyers save about 5% to 7% on a home purchase because they are not paying interest on a home loan, and they can often pay about 1% to 2% less on the purchase price. Home sellers are likely to accept a cash buyer for slightly less money than a financed buyer because the cash buyer does not need to get approval from a lender or appraiser. A cash purchase can often be completed in 10-15 days whereas the average financed purchase takes 30 days, and some, such as FHA/VA may take 45 days or longer.

Take a look at the new video for Downtown cash buyers, or those who plan to finance can instead see the version of the video that includes info on loft financing at https://youtu.be/QiGuKdgdOnQ