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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):

Evo
Elleven
Luma
Market Lofts
Mura
Tokyo Villa
Alta
Gallery
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.

Get a special update on FHA and VA financing for Downtown lofts at https://www.laloftblog.com/?s=fha

If you have any more questions about Downtown Los Angeles lofts and condos, request more updated FHA info. 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]

Copyright © 2016 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, seller 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.

Special assessments can happen unexpectedly to home owners of condominiums.

An unknown expense is difficult for a homeowner to budget for, which can be challenging to pay for. A Homeowners Association board can at any time decide that they need more money for maintaining, repairing and replacing equipment or other features in all the common areas. To pay for the costs of the common area upkeep, the HOA normally collects periodic dues from each homeowner, but this may occasionally not be enough, and therefore a special assessment may be initiated.

Higgins Building homeowners have recently decided that a special assessment is required to maintain and correct the construction problems with the original facade of the building, which has been crumbling and falling down onto the sidewalk below. The assessments may be for as much as $20,000 to $25,000 per unit. The exact dollar amount is unknown, as is the payment plan.