Tag: Mortgage

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What the Hell is Going on with FHA/VA Loans in Downtown Los Angeles Lofts and Condos?

Happy Veterans Day Downtown L.A.!  #financing #lofts

Veterans Day Downtown LA Military - FHA/VA Financing

As a veteran of the United States Air Force, it’s a special day for me and for our troops who corey-chambers-air-force-1988are fighting and guarding us day and night. They all very much deserve our thanks!  VA and FHA home loans are government sponsored financing to help veterans and also non-veteran first time homebuyers to afford the American Dream of home ownership. It turns out that helpful mortgage programs like these change sometimes, and, more often, become more or less effective based on changes in the housing market.  Today unfortunately, FHA and VA are nearly 100% INEFFECTIVE in the booming Los Angeles housing market, especially for condominiums, and they have lately been totally useless for Downtown Los Angeles lofts for sale. But, there are other low-down payment alternatives.

The good news is that our heroes, both military and civilian, who thought that that they needed FHA or VA financing can find out that FreddieMac and other mortgage lender programs have plenty of low-down financing with 5%, 3% or even no down payment. The LA Loft Blog has posts with more details about the problems, delays and other issues that make VA/FHA impractical for Downtown lofts.  >> MORE

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LOFT & CONDO LISTINGS DOWNTOWN LA  [MAP]

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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 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.

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Loft Lending Problems – Downtown Los Angeles Area Home Financing Issues

While today may be the very best time to buy a home while competing buyers are dormant for the holiday season, there are few issues to be aware of regarding financing.

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Most Downtown Los Angeles lofts are industrial or commercial conversions that are special exceptions under the City of Los Angeles Adaptive Re-Use Ordinance. Many residential lenders will completely fail, delay or charge additional points to try to handle loft financing.

More than 25% of currently active DTLA lofts and condos have current or recent litigation that can affect the livability, financing ability and investment potential of the homes.

Out of area lenders, especially out-of-state lenders will have more delays. The paperwork is often processed incorrectly and must be re-done. Just this week, a buyer who wanted to move on a weekend was forced to wait until the following week because her lender and notary in Texas signed a document in a way that was unacceptable in California.

New consumer protection laws are also causing bureaucracy delays.   If a buyer needs to make a change to a signed mortgage agreement, it may now cause an extra 3-day delay for each change to the contract.

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Keeping these issues in mind, most real estate and finance experts now agree that interest rates and monthly payments will be going up.  Savvy buyers will take advantage of today’s low interest rates for the lowest monthly payment.

Because of the warm climate, and the fact that most Downtown Los Angeles buyers usually have no children in school, the home buying season starts very early in Downtown. Most prospective home buyers wait until after the holidays, and then there is a mad rush starting January 2. All of these buyers become competition for each other, driving up the price.  The most dedicated home buyers will start in October through December as to take advantage of less competition, allowing the placing of lower initial offers and saving money on the final home price.

Get a list of loft lenders. Fill out the online form:

Find homes in Downtown Los Angeles:

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [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

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Corey Chambers Realty Source Inc BRE#01889449

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