Home Buying in Laguna Woods>Question Details

Kim, Home Buyer in Lake Forest, CA

if you have much more in assets than required savings,etc. & pay cash for house, can your yearly salary be considered at a lower income say 32,000?

Asked by Kim, Lake Forest, CA Thu Apr 4, 2013

And the 50 page application needed to complete before purchase where can I get one to review???
Thank you!

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Answers

4
It's possible, but unfortunately the Board of Directors makes the final approval decision well into the escrow process; sometimes only 1 week prior to close of escrow. So, if your application is not accepted by the Board, the property may fall out of escrow at the last minute. I don't believe an escrow officer, even one that is experienced in Laguna Woods Village, will be able to give you a definitive answer. Honestly, it's best to make sure you qualify both with income and assets before you submit an offer.
1 vote Thank Flag Link Sun Apr 14, 2013
Hi Kim,

The answer depends on how much less than the $36,000/year requirement for coops and $42,000/year for condos. In a recent conversation with an escrow officer for one of my clients, she said if it is a few thousand less and the buyer has significant assets, a package can be prepared requesting consideration. If you fall short by more than $4,000 and do not have significant assets then the Board will not consider your application. Many people who not meet either the income or asset requirement ask someone to purchase the property with them or use a guarantor. If you would like me to send you the information on the guarantor requirement, please email me at lmills007@yahoo.com with "guarantor" in the subject line.

Don't give up. It's a nice place to live at a great price.

Best Regards,

Lisa Mills
Century 21 Rainbow Realty
Laguna Woods, CA
(949) 678-9919
DRE 01867036
1 vote Thank Flag Link Thu Apr 4, 2013
If you are talking about Laguna Woods Village, you can download the package off the http://www.lagunawoodsvillage.com website. All the financial requirements are there. It is different for coops than condos. I can't really answer the question because I don't know what you have for assets etc. It is all spelled out on the site. If you can't find it shoot me an email and I can send it to you.

Lori Hanson
OC Homes Realty
estatepricing@yahoo.com
DRE 01405146
714-585-5236 Cell
1 vote Thank Flag Link Thu Apr 4, 2013
Kim,

If you pay cash that is what you are asking and if you do they give a credit toward your salary. To get more information contact Colleen Klein at Homestead Escrow 949-614-8100 they do a lot of ecrows in Laguna Woods and she has helped my clients out putting the package together to submit to the board. If you need any help finding a property in Laguna Woods please keep me in mind. I will be glad to help you find one or check out my website and search for one.

http://www.findoceanviewhomes.com

Dave Dyssegard
Tarbell Realtors
949-315-1206
ddyssegard@tarbell.com
0 votes Thank Flag Link Fri Apr 5, 2013
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