BISCUIT COMPANY LOFTS | Lofts for Rent $2800

BISCUIT COMPANY LOFTS | LALofts.me

BISCUIT COMPANY LOFTS | LALofts.me

BISCUIT COMPANY LOFTS | LALofts.me

BISCUIT COMPANY LOFTS | LALofts.me

Biscuit Company Lofts | For Rent

FURNISHED!! Sophisticated, contemporary Live/Work loft in the vibrant Arts District of Downtown. The Biscuit Co. lofts were renovated in 2007 and this loft has been designed with the best of taste. This true loft is over 1100sf and has over 16′ ceilings. It has a stainless steel kitchen with center island, over-sized windows, original exposed brick wall, original hardwood floors from the 1920’s and a bed alcove. There is a large marble bath with a washer and dryer included. Amenities include 24 hour front desk/doorman, gated/secured parking, 75′ lap pool, gym and an outdoor BBQ station. This historic landmark building has one of the most popular restaurants in downtown located on the ground floor: Church and State Bistro. Other pubs, galleries, coffee shops and a market are within walking distance. See pictures for furnishings – must come furnished. This is a smoke-free unit and building.

Listing Office: Loftway

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

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

655 Hope Lofts | For Rent $1,750

655 Hope Lofts | LALofts.me

655 Hope Lofts | For Rent

Sleek Urban Loft in the heart of Downtown. High Ceilings. Lots of Windows and Light. Modern Kitchen with Stainless Steel Appliances including Refrigerator. In-unit Washer/Dryer. Wood Floors. One Covered Parking Space. Building Amenities include Rooftop Lounge Area. Steps from dozens of Shops, Restaurants and Metrolink Red, Blue and Expo Lines. Six blocks to L.A. Live. Two blocks to Ralphs Grocery Store and FIDM. Available Fully Furnished for $1,995.00 per month. Never lived in. Must see to believe.

Listing Office: Keller Williams Pasadena Mrkt

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

Luma South Lofts | For Sale $519,000

Luma South Lofts | LALofts.me

Luma South Lofts | LALofts.me

Luma South Lofts | LALofts.me

Luma South Lofts | For Sale

Gorgeous immaculate beautiful corner 1 bedroom 1 bathroom home in the Luma Building facing south east corner unit so you can see better view and can see fire works on 4th of July ! highly sought-after LUMA building in South Park! Built in 2007, this exceptionally bright and airy unit boasts floor to ceiling glass walls, with views to downtown and the pool/terrace area from this unit. Unit features hardwood floors, a spacious closet, gourmet kitchen with stainless appliances and a washer and dryer in unit. LUMA is a Leed Certified Green building featuring underground parking, concierge, and an elegant courtyard, pool, spa, and BBQ area. Your new loft is just mere blocks from Staples, La Live, Ritz Carlton and all of the new bars and restaurants in this quickly evolving downtown community. This is one of the nicest units your clients will look at.

Listing Office: Nu Merit Realty & Investments

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

Luma South Lofts | For Sale $749,000

Luma South Lofts | LALofts.me

Luma South Lofts | LALofts.me

Luma South Lofts | LALofts.me

Luma South Lofts | LALofts.me

Luma South Lofts | For Sale

Fabulous and highly sought after WEST-facing unit with floor-to-ceiling windows opening to unobstructed panoramic views. 1BR/1BA + Den and extra high (12′ plus) ceilings creating a true loft-like living experience with open, modern kitchen and public spaces. The Master bedroom is accessed through frosted glass sliding doors and includes large walk-in closet. The luxe bath has gorgeous appointments including natural stone surfaces and wood surfaced cabinets. LUMA is a full service luxury building newly completed in 2007 and featuring 24 hr doorman & security, gym, pool/spa/sundeck with outdoor BBQ, fireplace and lounge. Close proximity to LA Live, Staples Center and the newly announced Whole Foods, LUMA represents the best of Downtown LA, and this unit is amongst the most desirable location in the building!

Listing Office: Sotheby’s International Realty

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

Spring Arcade Building | For Rent $1,650

DTLA LOFTS FOR RENT | LALofts.me

DTLA LOFTS FOR RENT | LALofts.me

DTLA LOFTS FOR RENT | LALofts.me

DTLA LOFTS FOR RENT

Built as a grand cathedral to commerce and leisure and modeled after the 19th century shopping arcades of Paris and London, Spring Arcade is two towers flanking a three story glass enclosed and sunlit bazaar. Spanish Renaissance and Beaux Arts details, unique spacious floor plans, hardwood floors, high ceilings and modern appointments create the ultimate in 21st century sophisticated urban living. This unit in particular, has THREE big closets, a beautiful bathroom, and windows from floor to ceiling letting in tons of westward facing sunlight. Opens onto fire escape. Watch the changes on Broadway avenue unfold beneath you.

Listing Office:  John Aaroe Group

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