Arts District Loft Rental Pocket Listing May be Coming Available Soon! #artsdistrict #rentals
Now that there are so many renters competing against each other for the best loft rentals, getting access to all of the unadvertised loft bargains is an absolute must.
The L.A. Loft Blog has learned that an amazing loft in the Arts district may be coming up for lease soon — possibly for less than $2,300 on the 4th floor with polished concrete floor, open design, closet, updated kitchen and bath, stainless appliances, A/C central air and heat and high ceilings.
The loft building is in the Arts District / Little Tokyo neighborhood, has gated parking, rooftop sun deck with hot tub spa, view and outdoor kitchen BBQ. Walk to market, restaurants, shopping, bars, pubs, entertainment, Metro station.
These kind of lofts go very fast, so get on the interest list to get all of the details on this and other loft rental pocket listings in Downtown Los Angeles.
FHA Approved Lofts and Condos in Downtown Los Angeles
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):
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.
