Home Buying in 90015>Question Details

Kudra, Home Buyer in 90015

Are any of the downtown LA lofts FHA approved?

Asked by Kudra, 90015 Thu Feb 11, 2010

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Hi Kudra: I've been helping people find lofts in Downtown Los Angeles since 2001. It's very difficult to find FHA approved property in the downtown Los Angeles area. The status of FHA is an on-going hit or miss, because FHA has various strict qualifications for buildings. For example, one community I won't mention due to the sensitive nature of this topic to some home owners, recently lost their FHA approval because too many rental units are in their building. So, though today, it might be FHA approved, tomorrow your loan might not go through. If you have any more questions about Downtown Los Angeles lofts and condos, check out our website at http://www.LoftLivingLA.com
0 votes Thank Flag Link Sat Jan 4, 2014
Your best option is to find some of the new loft developments around the area. Typically they have FHA/VA programs available.

Nicole Lindler
Prudential California Realty
310.694.2288
0 votes Thank Flag Link Wed May 16, 2012
There are now several FHA lofts in Downtown Los Angeles with low down payments. Talk to a Downtown specialist Realtor(R) to find out which buildings. The LA Loft Blog is a good resource for that.
0 votes Thank Flag Link Thu May 10, 2012
For FHA / VA low down payment lofts in Downtown Los Angeles, contact a Downtown loft specialist Realtor at LAloftBlog.com
Flag Thu Dec 5, 2013
some are FHA approved. it really depends
0 votes Thank Flag Link Tue Mar 15, 2011
Hi Kudra,

use this site to do a search of FHA approved condo in 90015 zip:

https://entp.hud.gov/idapp/html/condlook.cfm

good luck!
0 votes Thank Flag Link Fri Mar 5, 2010
There are a few buildings downtown that are Fha approved. Anyone can get you a list, including myself. There are no longer "spot approvals" as of Feb 1. And if they are not already approved, chances are they cannot get approved due to low budget reserve, delinquent HOA dues, etc.

If you can put down 10%, I have a non Fha program that I can do on condos/lofts. I also have a program for non warrantable condos as well.

I can be reached at (818) 990-7622 ext. 206. Good luck.
0 votes Thank Flag Link Wed Feb 17, 2010
There are some new lofts in the Downtown area (newly constructed) that are FHA approved. If I may be of assistance please contact me at 310-600-0961. Licensed Real Estate Agent. Laura Scott. Downtown LA
0 votes Thank Flag Link Sun Feb 14, 2010
Kudra,

Currently, FHA approval is impossible to secure in Downtown LA because of zoning issues. Currently, the City's zoning and building codes define live/work units as primarily commercial spaces with accessory living quarters. This outdated definition is preventing buyers of live/work condos from obtaining low down payment FHA-insured loans.

On July 9, 2009, the Los Angeles Department of City Planning issued a recommendation that the city ordinance and zoning be amended to specify that live/work units are primarily residential spaces with accessory commercial uses. While this amendment is definitely a step in the right direction, we have no idea when or if it will be enacted.

Unfortunately, until the zoning codes are re-defined, it will be impossible to secure an FHA loan in Downtown LA.

Please contact me so we can discuss other options. Talk to you soon!

Lezlie Brazil
DRE #01748609
Keller Williams Realty
4644 Admiralty Way
Marina del Rey, CA 90292
T 310-991-4263
F 310-861-0207
E lezliebrazil@kw.com
Web Reference: http://www.lezliebrazil.com
0 votes Thank Flag Link Fri Feb 12, 2010
Hi Kudra,

Straight from a lender.

Some of the Lofts in the down town area maybe FHA approved. We would need to run the address in our system to verify the property your interested in is approved. There is what's called FHA SPOT APPROVAL. This is done when the builder didn't apply for FHA . Normally a condominium or lofts are Fha approved at the time the builder builds. If you have any question, write me back.
0 votes Thank Flag Link Thu Feb 11, 2010
The Vista Montoya Condominiums, just west of the Harbor Freeway, are FHA approved. They are located at 1425 W. 12th St., between Olympic Blvd. and Pico Blvd., between Valencia St and Albany St. Some units are apartment-style condos, with distinct rooms, some are 926 square foot loft-style condos. I lived there myself from 1984 to 1991 in a loft unit and liked it very much. Stephen May
0 votes Thank Flag Link Thu Feb 11, 2010
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