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.
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 This outdated definition is preventing buyers of live/work condos from obtaining low down payment FHA-insured loans.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!
Keller Williams Realty
4644 Admiralty Way
Marina del Rey, CA 90292
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.