Also in this article: Loft Down Payments; Corrupt HOA Boards #losangeles
Escape from the Burbs
For those who wish to escape the soul-crushing doldrums caused by monotony and mediocrity of suburban life, big city loft living often reveals the solution. The urban lifestyle provides a more natural social environment that is also more conducive to career and lifestyle efficiency. And think twice about moving to a rural area; cities are safer. Many are unaware that cities are safer than rural areas. Here are some more articles on why suburbs are bad for your mental health, and how Downtown Los Angeles is the cure. #downtown #hoa
https://www.businessinsider.com/why-suburbs-are-bad-2016-9
Down Payment For Loft #downpayment
While lofts can be purchased with the same low down payments as typical condos and houses, industrial and commercial loft conversions do tend to involve more complications than the average home purchase. Most lenders have little or no experience with loft condo financing. Mortgage brokers, banks and underwriters are usually unaware that a loft is involved until late in the lending process and late in the escrow, when the underwriter checks the building to find out that it is listed is a commercial building instead of a residential building, and that the building has ongoing commercial use, and commercial structure. More than 25% of lofts for sale today involved a building with current or recent litigation or lawsuits. For these reasons, a loft lender is often needed, and sometimes a litigation lender is required for financing. Nearly 40% of loft purchases are made with cash, but the majority still involve financing, usually with around 20% down. Those with less down payment, who have stable financial situations often put just a 10% or 5% down payment. 3% FHA/VA loans are basically out of the questions as their rules don’t match well with condos lately. How about no down payment? Veterans, doctors and lawyers can do zero down loans, but they rarely take advantage of that possibility. Get a free list of most challenging loft buildings to finance, as wells as a free list of loft lenders at www.LALoftLoan.com
COMING SOON IN THE L.A. LOFT BLOG: BAD BOARD 2: From Bad to Worse, Symptoms of a Corrupt HOA Board | See original article Bad Board Part 1
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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.