susanne949, Home Buyer in Laguna Woods, CA

What exactly are the income, asset and any other requirements for COOP purchase in Laguna woods?

Asked by susanne949, Laguna Woods, CA Thu Dec 5, 2013

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5
Steve Dillon, Agent, Laguna Beach, CA
Thu Jun 26, 2014
Hello,

The Co-Ops in United Mutual have very specific income and asset requirements. I've outlined them below and provided a link to the resale application package on the Laguna Woods Village Community website. One important item to consider is that the $125,000 asset requirement is on top of the funds needed to purchase whichever property you are considering.

Please feel free to contact me with any questions.

United Mutual Co-Ops

Income Requirement:
“Prospective members must provide satisfactory verification of income of at least $36,000 per year at the time of purchase.”

Asset Requirement:
“The prospective buyer of a manor shall submit satisfactory verification of assets equal to the purchase price of the manor plus $125,000.”

http://www.lagunawoodsvillage.com - click on Resale/Lender Information --> Resale Information --> United Co-Op Resale Appication Package

Thanks,

Steve Dillon
REALTOR®, E-Pro
(949)-303-6892 Cell
CAL BRE#01472854
http://www.camoves.com/steve.dillon
Steve.Dillon@ColdwellBanker.com
My business is 100% referral based. Know someone thinking of buying or selling? Please ask them to call me!
0 votes
Gary Koch, Agent, Laguna Niguel, CA
Mon May 5, 2014
Laguna Woods Village has different requirements for each of the different Mutuals in the community. This is fairly unique to this area. The best source for this information is the New Resident section of the Laguna Woods Village website. For seeing the actual available homes in this community, give me a ring and we can discuss your needs.

Gary Koch
Coldwell Banker
(949) 300-1563
gary@garykoch.com
0 votes
Alexander Gr…, Agent, San Jose, CA
Thu Dec 5, 2013
It really depends on what kind of a loan you are getting. If you are worried about one area, a loan officer would be able to work with you to find a product that works.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes
Lori Hanson, Agent, Aliso Viejo, CA
Thu Dec 5, 2013
the answer that you already got is great for the loan buy has nothing to do with the requirements for buying in Laguna Woods. If you shoot me a email I will be happy to send you written guideline fot purchasing in Laguna Woods.
Lori Hanson
OC HOMES REALTY
BRE01405146
lori_hanson47@yahoo.com
0 votes
Gunda Jahromi, Agent, Laguna Hills, CA
Thu Dec 5, 2013
hi

the income need would be generally speaking around 42% debt - to - income ratio, which means all your monthly obligations that show up on your credit report such as car payments, credit card payments etc plus mortgage and property taxes cannot exceed 42% of your pre-tax income.

for assets the bank want you to have atleast 3 months of monthly mortgage payments after accounting for the downpayment you may need to purchase.

hope this helps

Mike Padhya
714-654-0465
0 votes
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