LIVE.WORK.PLAY.LA.

Live.Work.Play.LA.

Live.Work.Play.LA. | LALofts.me

Do you ever find yourself out on the town with your friends and think, “I wish I lived here?” This happens to me on a daily basis. Walking along the bustling streets of Downtown Los Angeles is a uniquely refreshing experience that attracts folks from all cultures and backgrounds.  With the turn of every corner there is a new bar, restaurant, or shop just waiting to be experienced by the masses. Downtown Los Angeles continues to expand and evolve into a thriving metropolis and many new businesses and residences are following suit. Prospective residents are turning to lofts as a means of housing in the hopes of living near the iconic buildings and attractions that surround the city. Dare To Live Ahora spoke with two of the leading Downtown LA loft realtors to gain a better understanding of what living within the heart of the booming city is all about.

First off, there are many misconceptions about loft living. Many people picture one large room with a pull out bed in a corner and a small stove top in another. The lofts listed through http://lalofts.me/ are quite the opposite. You can purchase or lease either two-level lofts or single level lofts that are specifically designed for residents to live and work. The realtors from the John Aaroe Group, David Hernandez & Ramiro Rivas, are on the cutting edge of the loft real estate market and emphasize the fact that purchasing a loft doesn’t just mean purchasing a piece of real estate– but a lifestyle as well.

LALofts.me offers various types of real estate all across Downtown Los Angeles. An inspiring fashion designer can choose to settle down in the Fashion District while a young professional may choose to start their own business in the Bunker Hill neighborhood. Lofts can also be found in rejuvenated historical buildings in South Park, Little Tokyo, the Historic Core and the Financial District.

The LALofts.me team prides itself in taking the time to get to know their client’s needs. With their personal approach and advanced knowledge of the city, David and Ramiro work diligently to find the perfect match for anyone looking to live, work, and play in the middle of the City of Angels.

Take some time to explore their website, get to know David and Ramiro, and see some of their current listings that they are offering at http://lalofts.me/

Contact David or Ramiro to get a first- hand look at these unique living spaces.

POSTED BY DARETOLIVEAHORA  http://daretoliveahora.com

 

For more information, call 888-838-2177 or email info@lalofts.me

We assist clients in helping them buy and sell in addition to leasing their condo and loft units . Please contact us for all your real estate needs.

David, Ramiro & Erica
LA Loft & Condo Specialists
Call 888-838-2177
info@lalofts.me

 

Keys to Buying a DTLA Loft With Bad Credit

Loft Living | LALofts.me

Loft Living | LALofts.me

Loft Living | LALofts.me

Today, there is still a general consensus that to buy a LA Condo or Loft you need to have 20 percent down and a good-to-excellent credit history. The good news is you actually don’t need a large down payment or great credit in order to purchase a LA Condo or Loft  with competitive market terms. Let’s look at the characteristics of what a mortgage lender deems to be bad credit when it comes time to qualify for a mortgage loan.

Credit Score Scale 

740-800 Outstanding
720-740 Great
700-720 Good
680-700 Mediocre
*620-680 Less than perfect, but approvable

A mortgage company’s definition of bad credit might not be what a consumer considers to be bad credit. A credit score of 620 or higher is required to successfully obtain a mortgage. By the same token, a 620 credit score is considered by a lender to be less than perfect, but it’s still possible to get a mortgage with that score.

Your credit score determines two major things for a mortgage company:
Loan program – Whether it’s a conventional or FHA-type mortgage.
Pricing – This includes your interest rate and any additional charges indicative of the credit score (the lower the credit score, the higher the interest rate and/or potential charges).

Your credit history is the next factor in determining whether or not your loan will be approved. Is there a pattern of previous credit delinquencies? Are there balances on closed-out accounts? It’s common for a consumer to have a 620 credit score, and have a consistent historical pattern of derogatory credit. Interestingly, this person would have a more difficult time obtaining mortgage loan approval than someone with a 640 credit score with no history of delinquencies other than a foreclosure from a couple of years before.

In order of priority, lenders will look at the credit score to determine which home loan you’re eligible for. Next, the complete credit overview will be taken into consideration to determine what questions may or may not arise in the underwriting decision process. The underwriting process will be looking for “what happened,” “why it happened” and the future “likelihood of continuance or repeat non-repayment.”

Common Credit Red Flags for Lenders

Pattern of Delinquencies – A record of late payments is possible to work around, but more lender scrutiny will be given to the size of your down payment and your debt-to-income percentage.
Student Loan Late Payments – If you had a late payment on your student loans within the past 12 months, you may be more likely to be approved for conventional financing.
Government financing – like FHA – does not take kindly to delinquent federal debt.
Mortgage Late Payments — One late payment in the past 12 months is permitted, so long as it can be explained and, if necessary, fully documented.
Foreclosure – 36 months from the date of the foreclosure you’ll become eligible for a 3.5% down FHA loan; for a VA loan, 48 months and no money down required; conventional loans require seven years no matter the down payment.
Short sale – It takes 36 months from the date of the short sale until you’re eligible using a 3.5% down payment FHA loan; 24 months with the VA loan; 24 months on a conventional loan with a minimum down payment of 20%.
Bankruptcy – With Chapter 7 (Chapter 13 is less common), you have 24 months from the date of discharge until you’re eligible using a 3.5% down FHA loan; 48 months on VA loans (still no money down required); and 48 months on conventional loans, no matter the down payment.

Why You Can Get a Mortgage With Bad Credit

There’s a thing called investor overlays, which are adjustments to guidelines and/or pricing created in favor of the lender. This is precisely why one lender can do a loan for someone with bad credit and minimal (or no) down payment, and another lender cannot do the loan in some instances.

Overlays further protect lenders against potential future losses from the home loans they originate, preserving profit margins and buyback risk (an event in which the originating lender is forced to buy back from the investor if the loan they made was not fully documented). Investor overlays tighten the screws on borrowers’ ability to borrow. Put another way, it shifts risk — which translates to cost — on to the consumer by means of limiting the ability to borrow via higher loan fees, reduced purchase price, or lower debt ratio, to name a few.

Note: Every mortgage lender has investor overlays, it’s the nature of how mortgage companies operate, the key is to work with a lender whose overlays are minimal.

DTLA Loft Buyer Homework

Know your credit score, first and foremost (you can monitor your score for free using a service likeCredit.com’s Credit Report Card). Obtain a copy of your credit report (which you can do for free through AnnualCreditReport.com), this will aid you in selecting the appropriate lender. Get as much supporting documentation as possible surrounding your credit challenges so the story can be explained from A to Z.

When speaking with a potential lender, be very specific. Do not be afraid to share every detail of your needs and concerns, giving the most complete description possible. Find out upfront if they have any additional conditions with regard to credit history, as doing so could save you considerable time and money.

By Scott Sheldon | Credit.com

For more information, call 888-838-2177 or email info@lalofts.me

We assist clients in helping them buy and sell  in addition to leasing their condo and loft units . Please contact us for all your real estate needs.

DTLA Real Estate Agent

David, Ramiro & Erica
LA Loft & Condo Specialists
Call 888-838-2177
info@lalofts.me

Things to Look for When Buying a DTLA Loft

LA LOFTS FOR SALE CALL 888-838-2177

LA LOFTS FOR SALE CALL 888-838-2177

When it comes to urban living, lofts are a trendy alternative to traditional apartments. Lofts are living spaces usually created out of industrial buildings and generally have high ceilings, exposed ductwork and an absence of interior walls. When shopping for a loft, pay attention to certain key features to ensure you make a wise purchase.

Because lofts are built within warehouses, industrial buildings, schools or mills, it’s possible that one phase may be completed while other phases are under construction or will be under construction in the future. The traffic, noise and inconvenience of construction can increase your frustration and decrease your quality of life for months or even years. Ask the real estate agent about the different phases of construction for the loft and what the developers are planning for your building and the area.

Neighborhood

Some of the neighborhoods surrounding the loft might not be as ready for residential developments as other areas in the city. The good news is that converting historic buildings in run-down neighborhoods into desirable living spaces means increased neighborhood amenities because developers want to attract urban professionals to the area. Note that even if a neighborhood reclamation movement is under way, it could take months or years before plans can be implemented and positive effects fully realized. The building might also be farther away from key locations that you might need, such as schools, major roads, public transportation stops or even green spaces.

Homeowners Association

Often, lofts are part of a homeowners association, similar to condominiums. Some associations restrict what can and cannot occur, while others are more relaxed. Home association fees can also be steep. Ask detailed questions about the loft’s owners association, what its rules and regulations are and any other conditions surrounding the property.

Energy Efficiency

Lofts sometimes lack energy efficiency. Concrete floors, brick walls and large windows can let in too much heat or cold if not properly designed. Determine what energy-saving features have been implemented in the loft, such as central heating and cooling systems, tight seals at doors and windows, radiant heated floors or double-paned windows. Ask about the average bills for heating and cooling the loft as well.

by Jenna Marie , Demand Media

For more information, call 888-838-2177 or email info@lalofts.me

We assist clients in helping them buy and sell  in addition to leasing their condo and loft units . Please contact us for all your real estate needs.

DTLA Real Estate Agent

David, Ramiro & Erica
LA Loft & Condo Specialists
Call 888-838-2177
info@lalofts.me