Brian, one of the newest residents at ALTA Lofts, loves his new loft - particularly because he never thought that owning in Los Angeles would be a reality. “One day we were just looking, browsing really, downtown when we ran into a Realtor who told us about this great, affordable new loft community east of downtown L.A. My husband, Michael, and I were skeptical and almost didn’t go to view the models. We didn’t believe there was a new loft community where lofts were priced in the $200,000-$300,000s. We’re glad we did, because we love ALTA Lofts and now we live here.”

ALTA Lofts offers FHA financing so buyers can put down as little as 3.5%. “We would have never been able to buy without FHA. Now, we own a new home and we never thought it was possible at this time.”

Most people don’t realize how stylish and cool the lofts really are. ATLA tends to get the WOW factor from people when they walk in. Brian was no different. “I knew I would love ALTA Lofts as soon as I saw a Keith Haring painting hanging in the social room.” – Brian. “When we started looking at all of the different loft layouts, we first fell in love with the penthouses. Then, we looked at a two-level with outdoor space on the first floor and we knew it was the perfect space that we wanted.”

“I cannot believe how much space we got for the price! For years, we shopped around in Venice and in West Hollywood, but it’s a joke how small and overpriced the lofts are in those areas. Honestly, I don’t understand why people aren’t crashing down the doors to buy at ALTA Lofts. What you get for the money is just incredible” – Brian. “We love our loft. It’s the perfect space for us.”

Brian also loves the area. “It feels like New York without the weather! It’s got that cool industrial vibe. We even take the Metro Gold Line. It’s just a two minute walk from us. It’s great. In just a few minutes we are downtown and we don’t have to drive or park.”

Welcome Brian and Michael. We are glad that you love your new loft.

ALTA Lofts is proud to be the first, and currently the only adaptive reuse building in Los Angeles to qualify for FHA financing. The ALTA team has been working for a long time to make this happen. So, why is this such good news? Simply put, because FHA has been helping buyers purchase homes since 1934.

FHA insures their loans while offering buyers:

• Low down payments
• Low closing costs
• Easier credit qualifying

With FHA financing, a down payment can be as low as 3.5% and closing costs may be lowered or covered. ALTA LOFTS is priced from the mid $200,000s which means that more people can purchase a new loft with only 3.5% down. Interest rates are still historically low so the end result is a lower monthly payment.

Obtaining an FHA loan is easier for someone with a blemished credit history, or a less than perfect FICO score. A lower FICO score may be a factor in obtaining a loan from a traditional lender , but FHA is more lenient. At a time when the credit market has tightened, and getting a loan is a little tougher now more than ever, but with FHA financing, homeownership is much more attainable.

ALTA Lofts is understandably very happy to be the first adaptive reuse building in L.A. to be approved to offer FHA financing – but buyers should be more excited, because it puts owning a new home/loft back on the table for many who thought it was just not even possible.

ALTA is the only adaptive reuse project in Los Angeles that is FHA approved!

The city of Los Angeles has just enacted a new ordinance that allowed the live/work percentages to be changed. Previously, issues arose because ALTA Lofts and other downtown condos are primarily live/work units, a classification that allows both residential and commercial uses. When L.A. first defined live/work, it did so as 2/3 commercial and only 1/3 residential. This did not work for FHA, who won’t insure loans for a building that isn’t primarily residential. The percentages resulting from the newly enacted ordinance are 25% commercial and 75% residential.

ALTA Lofts is the first and currently the only new residential development in all of Los Angeles to meet the new requirements at 24% commercial usage!

Other buildings currently selling are listed as two-thirds commercial and one-third residential. Because ALTA is brand new building, we are able to get approved under the new ordinance.

Existing condo buildings must apply for re-certification to be eligible under the new rules. And because they have residents, the HOA would need a vote to change the percentage. Where FHA previously allowed the buyer of a single unit to apply for a spot approval, now the whole building must be certified. The building must also be in good financial standing, with less than a certain percentage of owners behind on their dues. All of this makes it difficult to change the live/work percentages.

Due to these changes, ALTA has become the most unique building in L.A.! The city took a year and a half to change the ordinance and ALTA is the first to receive a certificate of occupancy meeting the new requirements.

This is amazing news for buyers as it allows them to have as little as 3.5 % down which saves them thousands of dollars! This is both a business and consume- friendly move by the city of L.A. And ALTA Lofts is now part of history!