Trace Lofts: 1408 12th Ave

Trace Lofts: 1408 12th Ave Trace Lofts is a 5 story building with 42 lofts in Capitol Hill. The building has recently been converted to condominiums.

December 18, 2007 | Filed Under Lofts, Capitol Hill

2 Responses to “Trace Lofts: 1408 12th Ave”

Bruce on January 14th, 2008 10:58 pm

I am going to use a VA loan to finance my purchase of a condo/loft here in Seattle. They require that 75% of units be sold in new construction (or conv) before allowing the sale to proceed. Do you know if Trace Lofts/North is at/past 75% sold? Thanks!
Enrico Pozzo on January 15th, 2008 10:48 am

Thank you for your question Bruce. The Trace Lofts are still under construction. Only 25% is under contract, but none of these have closed. Projects as these are not approved for FNMAE (Fanny Mae) loans. Not every bank or mortgage lender provides these types of loans. That is why you often see an on-site lender on these projects. These lenders at times offer some incentive to the buyer, often in terms of closing costs or related to interest rates. If you are interested in this project, I would recommend trying to qualify with a lender that writes these types of loans. If you really want to use a VA loan, you either have to wait until 75% has closed or look for another project or a resale unit. Please send me an e-mail if you would like a recommendation for a lender that writes these types of loans.

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