Month: July 2021

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738 S Los Angeles Street Reviews of the Eckardt Lofts Building

Top of the world common area at the Eckardt Lofts

In the Fashion District of Downtown L.A., the Eckhardt Lofts building condominiums units offer many desirable historic features, such as high ceilings, oversized industrial windows and Mills Act property tax benefits. They also include modern upgrades such as Bosch kitchen appliances and six-foot bathtubs. Select apartments also come with private balconies.  #eckardt | MORE

Here is a link to details on available amenities and units it the Eckardt Lofts Building

Add your own reviews in the comment box. #lofts

Residents say that this is an amazing building to live in. The streets below are sometimes referred to as a bit sketchy, but the premises are considered to be pretty secure, generally protected by two patrolling security guards (and most of them are usually sober).  Many find that the best part, aside from the beautifully finished lofts, are the views of the city. Some units have no views and dim light because of the very cramped neighboring buildings next door.  Indeed, some of the views are simply breathtaking!  With its own super spectacular panoramic views, the rooftop, accessible by owners, is perfect for a small party and BBQ, as it includes two hot tubs and a community restroom.

Eckardt shares amenities without about five other buildings.. About half of the buildings are rental apartments, and the other half are condominiums. Tenants are said to seem quite friendly.  Street parking or garage down a couple of blocks, as the limited parking spots are sold with only a few particular units. Most residents park a block away in the Maple lot in Skid Row.  Some of the loft interiors feature beautiful wood floors, while most have polished concrete floors. The kitchen tend to be on the small side, mostly half galley open kitchens, but workable.  The building is in close proximity to amazing restaurants and cafés, and is close to the freeway as well.

Other residents call Eckardt a “clean environment, great roof top views.”

#dtla

Loft unit features include:

  • Ten to fourteen-foot vaulted ceilings
  • Heavy-duty polished concrete floors
  • Architectural concrete columns in all units
  • Oversized historic industrial windows
  • Mountain, city, and skyline views, per plan
  • Italian-style kitchen and bath cabinetry
  • Granite kitchen countertops
  • Stainless steel Bosch appliances
  • Deep stainless steel sinks
  • Six-foot bathtubs
  • Private balconies (select lofts)
  • Energy-efficient heating & air conditioning
  • DSL, Cable & Satellite ready
  • Washer/dryer hook-ups

See a list of buildings in the DTLA area in the Loft and Condo Categories here

Because it is a historic landmark, Cornell Lofts qualifies for Mills Act Status a beneficial bonus for you. Get a free custom list of Eckart Lofts available now. Fill out the online form.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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Eckardt Lofts from the Street offering Mills Act tax status to owners

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.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.

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FHA and VA Loans: How to Get 5% Down on Lofts and Condos

Lofts and condos are popular living situation but financing with VA and FHA can be tricky

Why are most condos not approved for FHA or VA loans?

Many different types of FHA loans are available for borrowers who want more options than a typical suburban home. Many properties may be purchased with an FHA-insured mortgage, including manufactured homes, multi-family units and condominiums.

FHA Condo Loans Feature Unique Requirements

FHA condominium loans can be more complicated than other types of new purchase real estate loans because the FHA has requirements for liquidity, ease of sale etc. However, these factors shouldn’t discourage a borrower from exploring their low down payment condo loan options. Still, it’s essential to be aware of the rules to save time and to begin searching for a new home in the right place.

Condos have restrictive covenants, rules and other issues that the FHA usually rejects. 

For a given condo to be approved for an FHA home loan, it must be on (or added to) the FHA’s list of approved condominium projects. In addition, FHA publishes a searchable list of approved condo projects on its website. 

What criteria must a condominium project meet to be included on that approved condo project list? FHA guidelines state, “to be eligible for FHA mortgage insurance, the project must have been declared and exists in full compliance with applicable State law requirements of the jurisdiction in which the condominium project is located and with all other applicable laws and regulations.”

“FHA insures condominium single unit loans for up to 30-year terms to purchase or refinance a unit in an FHA-approved condominium project. The condominium project must be primarily residential, contain at least two dwelling units, and can be detached, semi-detached, a row house, a walk-up, mid-rise, high-rise, including those with or without an elevator, or manufactured housing.” That is a quote from the FHA/HUD official site.

#entarissmart

Some properties are not eligible due to the nature of the project. For example, “condo hotels” are not allowed on the FHA-approved condo project list. Also forbidden–timeshares, houseboat projects, or condos that feature more than one dwelling in a single condominium unit.

Fill out the online form to get a free list of FHA/VA and Low Down Payment Homes.

The good news is that many condo buyers can get a home loan with 5% down.

Condo projects may not be FHA approved if they contain restrictive requirements. For example, the “right of first refusal” clause in some condo owner association agreements can be problematic for FHA borrowers.

If you want an FHA condo loan, FHA encourages the use of the approved condo list as a way to start searching for a suitable building in your area. The HUD search tool lists approved condo projects by condo name, state, zip code, and other factors.

A condo project that is not currently on the approved list may be added with the help of your participating lender-speak to a loan officer about what may be required.

#5%downhomeloans

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Use the FHA guidelines to secure a loft or condo loan with 5% down

Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.