Warehouse loft conversion condos for sale and loft apartments with amazing industrial character can be found around Downtown LA and in other neighborhoods in the Greater Los Angeles Area. #warehouse #lofts #forrent | VIDEO
Here’s a link to all of the LA Loft Blog articles and resources about converted warehouses:
It’s just got easier to buy a condo with a low down payment.
FHA brings good news for buyers of Los Angeles condos
The Federal Housing Administration ( FHA ) insures nearly 20% of mortgages made by private lenders and banks. The FHA has significantly eased condo financing regulations in order to open up homeownership to more first-time buyers. #fha #condo #dtla
Under the new rule, individual condo unit owners may apply for federal mortgage insurance, even if the condo owners association or developer has not applied for funding. Since the agency stopped allowing single-unit approvals in 2008, it has been all but impossible to obtain FHA financing for condominium units. That has now changed. Condo buyers may now expect better results when purchasing with as little as 3.5% down. The legislation will also help condo owners who want to refinance or apply for a reverse mortgage by giving them more options. It is not certain how well FHA loans will work for lofts because loft conversions usually have numerous unusual issues that confound most lenders. These issues include: listed as a commercial or industrial building rather than a residential building; presence of large percentage of commercial units in the building; concrete floors that may be considered “no flooring”; and other lofty issues. For industrial and loft conversions, a loft lender with at least 5% down may still be the most practical way to go for now.
The new FHA rules should open up thousands of additional units for prospective home buyers to consider, many of them at lower than average prices.
“The change will definately give new opportunities to more first-time home buyers,” said Corey Chambers, Broker Associate with Realty Source Inc. “For most renters who plan to stay in the neighborhood for several years, owning a condo unit with low down payment provides much better long-term results than renting because renters generally pay all or most of the mortgage for their landlords, whereas they could instead be building equity and net worth while forever eliminating rent increases.”
The new FHA condo rules lower the owner occupancy rate requirement from 50 percent to 35 percent for properties that are more than one year old and have less than 10 percent of units in arrears on their dues.
Get a free list of FHA / VA and other low-down payment condos in Downtown Los Angeles. Fill out the online form:
Top Questions and Answers Q: What types of businesses are in los angeles?
A: Downtown L.A. is a very diverse business area with many industrial, commercial and residential properties. The LA Loft Blog is the authority on DTLA lofts and condos for sale and for lease. Other local businesses can be found on the DTLA Business Directory.
Q: Are there any la river frogtown condos for sale?
A: Yes, L.A. River House and other Elysian Valley condos and houses for sale can be found at www.LARiverHouse.com
Q: What is the history of the Westinghouse Bldg on 420 south san pedro?
A: The Westinghouse Electric Building at 420 S San Pedro St is today called the Little Tokyo Lofts condominium building. It started as an elevator factory built in 1922. Details at www.LittleTokyoLoft.com
