condo – Page 9 – LA Loft Blog

As the real estate market continues to cool, here are this week’s hot topics:

Jeremy's excited about Savoy condo kitchen. — Jeremy’s excited about The Savoy condo kitchen, Arts District Downtown Los Angeles.

Mills Act Downtown Los Angeles		987
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Live/Work Lofts Downtown LA vs. Residential Studio Apartments		9
Arts District Downtown Los Angeles		8
Walnut Building Mill Street Lofts Downtown L.A. Apartments		8
Affordable Artist Lofts Downtown Los Angeles		7
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ALTA LOFTS Los Angeles 200 N San Fernando Rd 90031		6
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Local Agent Buys Los Angeles Homes for Cash #realestate #market

Los Angeles – Every month, thousands of homeowners are faced with the stressful dilemma of whether to buy first or sell first. You see, if you buy before selling, you could run the risk of owning two homes. Or, just as bad, if you sell first, you could end up homeless. It’s what insiders in the industry call the Real Estate Catch 22, and it’s an extremely anxious position to find yourself in. This financial and emotional tightrope is one you usually have to walk alone because most agents have no way of helping you with this predicament. But one local realtor is using a unique Guaranteed Sale Program which solves this dilemma. This program guarantees the sale of your present home before you take possession of your new one. If your home doesn’t sell in 60 days, they will buy it from you themselves for the previously agreed price ensuring that

you never get caught in the Real Estate Catch 22. Before you hire any professional, you should research the market to find out who can do the best job for you. When interviewing agents, find out what kind of guarantee they are willing to give you with respect to the selling of your home. Unfortunately, you’ll find that most agents simply cannot make such a guarantee. To help you learn more about this program and how it can make your move less stressful, a FREE special report has been prepared entitled “How to Avoid Getting Stuck with Two Homes”. To hear a brief recorded message about how to order your FREE copy of this report call toll-free 1- 800-791-4538 and enter 1022. You can call any time, 24 hours a day, 7 days a week. Get your free special report NOW to find out how to guarantee the cash sale of your home. #dtla #loft

Find out how much your neighbor’s loft sold for.

Receive a detailed listing of all recent home sales and all active listings in your area. Fill out my online form:

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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

Alta Lofts unit #115 2-story industrial live/work loft 1,700 sq ft of open space.

Copyright © 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.

Condominiums are often the most affordable option for first-time home buyers, small families, and those in urban areas. Buyers looking to pick up a good deal with a low down payment will have more choices in a couple months. #fha #condo

Over recent years, it has not usually been practical to do an FHA backed mortgage for most condos because it would often fail. That situation appears to be changing very soon. The California Association of Realtors has just announced that FHA will make it easier to purchase condos with FHA financing beginning October 15.

NAR: New Condo Rules Will Open More Doors for Buyers

The association says changes to FHA financing qualifications will bring more entry-level homes to the market, helping to meet buyer demand. The relaxation of some rules by HUD is expected to help revive the condo market. NAR says the new condo rules, which will help more would-be buyers access affordable housing, satisfy many of the changes the association has backed for more than a decade.

To qualify, the condominium building must have at least 50% owner-occupancy, and a maximum of 35% commercial space. HUD may approve an owner-occupancy level as low as 35% for older properties with less than 10% of units in arrears.

580 credit score is all it takes to qualify for FHA financing. Buyers will likely get a better rate with a Conventional loan if their credit score is above 720. An FHA loan is more flexible to obtain, but no matter what, you will have to pay mortgage insurance. A Conventional loan requires a higher credit score and more money down, but does not have as many provisions. Los Angeles County FHA loan limit is $726,525.

On the HUD site, we only see two approved condos in all of Los Angeles County: 1015 ARCADIA AVE, ARCADIA, CA 91007 and 129 N HILLCREST BLVD, INGLEWOOD, CA 90301

On fhaloans.guide, we see many approved condos buildings:

Bunker Hill Tower 800 W 1st St – Approved via HRAP HUD Review and Appraisal Process

On the MLS, we see these recent FHA approved condo buildings:

525 N SYCAMORE AVE
8650 BELFORD AVE
8710 BELFORD AVE
436 S VIRGIL AVE
2884 SAWTELLE BL
4125 INGLEWOOD

Downtown has seen very few recent successful FHA/VA condo transactions, but that should change, and the tiny list of FHA approved condos should grow substantially after October. | VIDEO

Here is a HUD federal government website with more help to identify FHA-VA approved condominiums:
https://entp.hud.gov/idapp/html/condlook.cfm

In addition to FHA approved buildings, buyers can today find a few HUD repos and FNMA foreclosures in awesome buildings like The Mercury at 3810 Wilshire Bl.

Buyers should educate themselves a bit before choosing a lender. Regarding the condo situation over the last 20 years in Los Angeles, local real estate agents say that the truth is certain: Many lenders don’t like wasting their time with people who must use FHA. Buyers really need to use one of the lenders that goes above and beyond to help buyers. When they say they can help with FHA, buyers would be wise to ask questions to verify that the lender has successfully completed FHA loans recently.

Get a free list of FHA / VA approved condos for sale. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/zc5rxg117axh2s/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

Tag: condo

Downtown Los Angeles Loft and Condo Top 10 Topics

More Condos to Be Approved for 3.5% Down FHA Home Loans October 15

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