Home Buying in Rossmoor>Question Details

Blonde, Home Buyer in Rossmoor, Walnut Creek...

To buy a coop in Rossmoor you need to have $75,000 in liquid assets additonally to the down payment which is 30%. Is this also true if you pay for?

Asked by Blonde, Rossmoor, Walnut Creek, CA Thu Feb 18, 2010

cash the place or only if you get a loan? I know that condos you dont need that $75,000. Who requires that money the lender or the GRF?

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There are income and asset requirements to pay cash for a co-op in Rossmoor. You must have monthly income equal to or greater than 4 times the monthly coupon plus property taxes. In addition, you must have $75,000 available in liquid assets AFTER paying cash for the co-op. (Mutual 1 however, has slightly different requirements: $50,000 liquid assets and 3.5 times monthly coupon income requirement.)

There is only one lender for co-ops in Rossmoor - that lender is NCB. The downpayment is 30%. If you qualify for a loan - the liquid asset and income requirements are waived.

I hope this answers your questions. I specialize in Rossmoor properties - and I live there.
0 votes Thank Flag Link Tue May 31, 2011
Blonde,
Dave is right, Rossmoore is more concerned with you paying for the monthly fees associated with living there so they certain requirements. The down payment issue sounds like something your lender is requiring, I would get a second opinion if you are questioning it. I can give you some names if you need them.
Best,
Erica

Erica Jones Starkey
Broker, Co-Founder
JSCA Real Estate Group
Providing Superior Solutions for Your Individual Real Estate Needs
Web Reference: http://www.jscarealty.com
0 votes Thank Flag Link Sun Feb 21, 2010
Rossmoor wants to make sure that you have the income to pay the monthly assessment (they call it the "coupon" - which includes your property taxes). You can have a relative who has sufficient income to "co-sign" for you. I did that for my last buyer in Rossmoor and, except for the paperwork it's not a big deal.
I'm not sure where you got the $75,000 in liguid assets, though. Also, to my knowledge the down payment is not fixed at 30%. That's between you and the lender
0 votes Thank Flag Link Thu Feb 18, 2010
Don't know muhc about Rossmoor but it sounds more of a CC&R rule, than a lender rule.
0 votes Thank Flag Link Thu Feb 18, 2010
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