What the Hell is Going on with FHA/VA Loans in Downtown Los Angeles Lofts and Condos?

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

Veterans Day Downtown LA Military - FHA/VA Financing

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-1988are 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

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LOFT & CONDO LISTINGS DOWNTOWN LA  [MAP]

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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.

FHA Approved Condos

FHA Approved Lofts and Condos in Downtown Los Angeles

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Here are recently approved FHA/VA Los Angeles condos:
14456 FOOTHILL BLVD #29, Los Angeles CA 91342
740 1/2 KINGS RD #120 , LOS ANGELES CA 90069
4041 VIA MARISOL #205, LOS ANGELES CA 90042
MORE

It can be very difficult, if not impossible, to find FHA approved homes in the Downtown L.A. area. The status of FHA and VA approved buildings is a dynamic, constantly changing situation because the Federal Housing Administration has various strict requirements for its low down payment financing. For example, one community in Downtown recently lost their FHA approval because too many rental units are in their building. Alta lofts building temporarily lost FHA / VA approval because the number of FHA borrowers was maxed out at 50%. So, though today, a building may or may not be FHA approved, tomorrow your loan might not go through, or a lender can request the FHA to approve or re-approve a building. Unfortunately, buyers in Downtown and all of Angeles are not likely to find successful VA or FHA financing.  They are having more success with a standard 5% down home loan.

Los Angeles is a booming market, thus sellers are looking for quick deals and large down payments. VA/FHA is slow and cumbersome, therefore not usually successful in today’s fast real estate market of Downtown and Los Angeles. Condominium homeowners associations today are simply not coming through with the very lengthy, complicated and demanding questionnaire required of them by the FHA and VA because the HOAs are not required by law to jump through all of the difficult and expensive hoops.  Because it is currently not feasible to buy most Los Angeles condos with a VA/FHA loan, prospective VA and FHA Downtown home buyers likely need to chose between a FHA/VA financed single family home or loan for a condo in a less popular area than Los Angeles.

Often the best option currently is to buy a house or condo outside of Downtown, or to find some of the new loft developments around the area. New construction is more likely to offer VA / FHA programs for buyers.

For those who choose to hold out hope against all odds, the following Downtown loft and condo buildings have previously been approved for FHA / VA financing, so they could potentially offer a glimmer of some possibility of financing with zero to 3.5% down (but more likely will today require a more standard 5% down or more):

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Elleven
Luma
Market Lofts
Mura
Tokyo Villa
Alta
Gallery
more

For those who really need zero down to 3.5% down, lofty houses and other single family homes will likely be more appropriate because there is no HOA questionnaire requirement.

Get a special update on FHA and VA financing for Downtown lofts at https://laloftblog.com/?s=fha

If you have any more questions about Downtown Los Angeles lofts and condos, request more updated FHA info. Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA  [MAP]

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SEARCH LOFTS FOR SALE UNDER $400,000  |  $800,000,  |   $30,000,000
Browse by Building  |  Neighborhood  |  Size  |  Bedrooms  |  Pets  |  Parking  |  More

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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, seller 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.