Tag: L.A.

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LA Loft Lenders for Mortgage Home Loans – Chase Approved Downtown Condo Buildings

Loft Lending Problems: It is the #1 most common disaster with Downtown loft sales and purchases.  #loft #loans #chase

Looking for the Right Loft Lender
Looking for the Right Loft Lender

Most buyers and sellers have no idea how extensive the problems is, the delays and failed home sales that it causes. Unfortunately, they don’t know how to solve the problem because they don’t know who the loft specialist lenders are.

Most lofts are industrial and historic building conversions under the Los Angeles Adaptive Re-use Ordinance. Lofts are rare and unique in California real estate. Because most mortgage lenders don’t really know what a loft is, they often incorrectly tell the buyer and seller up front that it will be no problem, then later, when the property is in escrow, the lender or underwriter finally reveals the truth. They finally discover that the loft has issues and therefore the lender cannot lend on it or there will be costly delays or additional loan fees. Fortunately, this problem can be prevented when buyers and sellers know ahead of time which is the best lender for each particular building. Just like all lenders vary, all buildings vary greatly on building type, zoning, ordinance, FHA/VA status, Mills Act status, lawsuits, litigation, commercial percentage, sold ratio, renter ratio, HOA reserves and maintenance status. In almost all cases, it pays to use a loft specialist lender for a Downtown loft transaction because the lender has already approved the building, preventing needless delays and unanticipated costs.

More than 20% of Downtown homes for sale listings involve a building that is currently or recently in a lawsuit or litigation. Sometimes a litigation lender must be used.

Chase Bank has released a list of Chase approved Downtown buildings. While it is helpful when a large bank like Chase is making an effort to help buyers and sellers in Downtown Los Angeles, there are other smaller lenders that have been more focused and more successful because they are already more established in Downtown lofts, have approved more buildings and have compete more loans recently in some of the most challenged Downtown loft buildings.  |  COMMENT

Get a free list of the top Downtown loft lenders that can lend on nearly every building in DTLA. Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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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.  |  COMMENT

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First Time Home Buyer Downtown Los Angeles Homes For Sale Lofts and Condos For Sale

Your First Home in Downtown Los Angeles   #firsttimehomebuyer #dtla

Downtown Lofts for First Time Home Buyers
Downtown Lofts for First Time Home Buyers

The L.A. Loft Blog gets information from thousands of buyers, sellers, renters and landlords, along with hundreds of local real estate professionals. Today we’re sharing the proven path to urban home ownership.

Home is Where The Wealth Is

Most who buy a home come to find that it turns out to be the biggest and most successful financial decision they ever made. Compare the average renter situation to the average Downtown Los Angeles homeowner financial outcome:  Renting since 2014 total average loss $88,200 while owning the total average gain is $99,000. The difference in financial outcome is that Downtowner who purchased the average home gained a net worth that is $187,000 higher than the average renter of that 3 year period.

Fears and Facts about buying a first home —  New York Times Bestselling real estate writing team Gary Keller, Dave Jenks and Jay Papasan have cut through the doubt that some first time buyers have. Many think that they cannot afford to buy a home now, while the truth is that many actually cannot afford not to a buy a home now. There is always a home that is affordable that will be a smart purchase. Renters can afford to buy. They need to include the tax deductions when calculating the true cost of ownership as compared to renting that has no tax deduction. The homebuyer must also include appreciation that has been a steady 6% per year in Downtown Los Angeles of the past few years.

Those who believe that they should wait until the real estate market gets better before buying will find that the truth is that there is never a wrong time to buy the right home. Waiting for the right time seldom works to the buyer’s advantage. Trying to time the market for the short term rarely works, and causes the buyer to miss timing for the long term. Equity build-up, value appreciation and tax benefits always make the home purchase the right decision in the long run.

Many believe that they need 20% or more for a down payment, while the truth is that 5% down or sometimes even less is enough. Also, home buyers do not need 700 or 800 credit scores.

Some believe that they should not buy until they can afford their dream home. The truth is that the fist home is the first step to buying a dream home. The best way to get closer to buying a dream home is to buy a first home. The equity gained from the first home is the big financial boost needed to buy a dream home.

Get a free list of Downtown lofts and condos for first time home buyers under $500,000. 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

eckardt-302-downtown-los-angeles13
Eckardt Lofts unit #302 modern kitchen, bath and private balcony

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.