The status of FHA / VA approved
buildings is a dynamic hit-or-miss situation because the Federal
Housing Administration having various strict requirements for
buildings. For example, one downtown community recently lost their FHA
approval because of too many rental units in their building. Alta Lofts
building temporarily lost FHA / VA approval because the number of FHA
borrowers was maxed out.
So, even today, a building may or may not be
FHA approved and possibly your loan might not go through tomorrow. A
lender can request the FHA to approve or re-approve a building, but
often the best option 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 FHA/VA programs for buyers.
These Downtown loft and condo buildings have currently or previously
been approved for FHA financing, so they offer the greatest
possibility of financing with 3.5% or 5% down:
Evo
Elleven
Luma
Market Lofts
Mura
Tokyo Villa
Alta
Gallery
More at http:// laloftblog.com
If you have any more questions about Downtown LA lofts and condos, request more updated FHA info.Please fill out the online form
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