Tag: FHA/VA

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Amazing Loft Downtown Los Angeles For Sale FHA / VA Low Down

Discover the Perks of Owning a Mills Act Loft in Downtown Los Angeles: Affordable Luxury with Historic Charm | Affordable Luxury, FHA and VA Approved, 3.5% Down Payment and Tax Benefits Await You at Bartlett Lofts

Welcome to Bartlett Lofts, an iconic Beaux-Arts building located in the heart of Downtown Los Angeles’ bustling Jewelry District. This historical gem has been converted into modern, sophisticated lofts, providing residents with a unique living experience. With a range of benefits, including FHA and VA loan approval and Mills Act status, these luxury lofts are perfect for those looking for an affordable investment in a prime location. In this blog post, we’ll explore the benefits of owning a Mills Act Amazing Loft Downtown Los Angeles at 215 W 7th St, #1109, Los Angeles, CA 90014 or unit #801 $429,900 for 700 SqFt.

Significant Tax Savings: The Mills Act offers a substantial reduction in property taxes for owners of historic properties who agree to preserve and maintain the building’s historic features. Owning a Mills Act property can save you thousands of dollars each year, making your investment more affordable and attractive.

FHA and VA Loan Approval: Bartlett Lofts are FHA and VA approved, meaning eligible buyers can secure financing with a low down payment. This makes purchasing a luxury loft in Downtown Los Angeles more accessible to first-time buyers and military personnel.
Prime Location: Located between Spring and Broadway, Bartlett Lofts offers easy access to numerous amenities, such as Whole Foods, Apple Tower Theatre, The Bloc, Grand Central Market, and the Los Angeles Athletic Club. This prime location allows you to fully immerse yourself in the vibrant Downtown L.A. lifestyle.

Unique Architectural Charm: Built in 1911, the Beaux-Arts architectural style of Bartlett Lofts adds a sense of historic charm and character to the building. The lofts feature original oversized industrial windows, vintage tiles in hallways, and exposed concrete floors that blend seamlessly with modern updates in the kitchens and bathrooms.

Modern Amenities: While retaining its historical charm, Bartlett Lofts also offers modern amenities for a comfortable living experience. Each unit features an updated kitchen and bathroom, as well as an in-unit washer and dryer. The building itself offers a 24-hour attended lobby, rooftop deck with panoramic views of the Downtown L.A. skyline, controlled access, and elevator service.

Pet-Friendly: Bartlett Lofts welcomes pets, allowing you to bring your furry friends with you to your new home.

Investment Potential: With a list price of $395,000 and a price per square foot of $858.70, owning a loft in Bartlett Lofts offers a great investment opportunity. The building’s historic charm, prime location, and modern amenities make it an attractive option for potential renters or buyers in the future.

This particular unit, #1109, offers 460 square feet of living space and features a modern kitchen and bathroom, stained concrete flooring, and a wall unit for air conditioning and heating. Additionally, the unit comes equipped with appliances such as a dishwasher, dryer, garbage disposal, microwave, range/oven, refrigerator, and washer.

The loft is situated on the 11th floor of the 14-story building and offers stunning city and city lights views. With a monthly HOA fee of $611.27, residents can enjoy access to the building’s amenities, including the rooftop deck, barbecue area, and security services.

Owning a Mills Act Amazing Loft in Downtown Los Angeles is an incredible opportunity for anyone looking for an affordable, luxurious, and historic living space. The Bartlett Lofts offer a unique blend of history, charm, and modern amenities, making it the perfect home for those who appreciate both the past and present. The substantial tax savings, FHA and VA loan approval, and low down payment options make purchasing a loft at Bartlett Lofts even more accessible for a wider range of buyers.

Not only does the building provide residents with unparalleled convenience due to its prime location, but it also offers a vibrant, urban lifestyle. You’ll be within walking distance of some of the best dining, shopping, and entertainment options that Downtown L.A. has to offer. The close proximity to public transportation options, such as the Metro and bus lines, makes commuting a breeze for those who work in or around the Downtown area.

As an investment, Bartlett Lofts offers promising potential for both rental income and long-term appreciation. The unique blend of historic charm and modern amenities makes these lofts highly desirable for renters seeking a distinctive living experience in the heart of Downtown L.A. The low inventory and high demand for such properties in the area further contribute to the potential for long-term appreciation.

The benefits of owning a Mills Act Amazing Loft Downtown Los Angeles at Bartlett Lofts are numerous. From the significant tax savings and financing options to the prime location and unique architectural charm, these lofts provide an affordable luxury living experience in one of the most sought-after areas in the city. Don’t miss this opportunity to own a piece of Downtown L.A.’s history, while enjoying the convenience and vibrancy of urban living.

If you’re interested in learning more about this unique property or would like to schedule a viewing, don’t hesitate to contact us today. Our team of experienced real estate professionals is ready to help you navigate the purchasing process and find the perfect loft to call home. Don’t wait – make your dream of owning a piece of Downtown Los Angeles history a reality. | MORE

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. 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.

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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.

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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.