They have changed some of the rules, and I don't have a exact answer, but I can find out for you.
I do know of a resend situation where a son was buying a coop for his mother with his money. And as you may be aware that a buyer, any buyer must have equal to the purchase price, even if they are getting a mortgage, in some kind of liquid access plus a yearly income of $36,000 for a coop and $42,000 for a condo.
In this latest situation the board was okay with the son purchasing the coop was his money and he did qualify, BUT the board was requiring the mother (86 yrs.old) to show the income, They were denied.
If you care to contact me I will contact someone at Laguna Woods to inquire further.
There also have been a lot of changes as far as rental of coops are concerned. There is an article in the Globe today where they are going to start denying owners from leasing their coops.
The big concern is the investors are purchasing coops and saying they or their parents are going to live in them and then the investor is turning around and leasing it out.
When the % of rental in a community is to high a mortgage will deny a buyer.
You can still buy Condo's for parents with out a problem.
I hope I was of some help and please contact me if you would like to discuss this further.
I am also a resident of Laguna Woods
Certified Seniors Real Estate Specialist
Keller Williams Realty