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Laguna Woods Financial Requirements

In Laguna Woods Village there are three types of residences or manors (as they are called in the Village): Co-ops, Condos and The Towers. Each type of residence is managed by a different housing corporation with its own regulations requiring the financial requirements of prospective buyers.


United Mutual (Co-ops)

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

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

Guarantors:
The Mutual will permit the buyer who does not meet the financial requirements to have a Guarantor. The guarantor in United Mutual shall provide satisfactory verification of annual income of at least $90,000 and marketable or income producing assets of at least $250,000 plus the manor purchase price.

Shareholder Financial Requirements for the occupying shareholder(s) when they have a Guarantor: Minimum Annual Income of $24,000 and Minimum  Verifiable Liquid, marketable or income producing assets of $75,000.

The income and assets of the Guarantor are not a substitute for the minimum income and assets needed by the prospective Shareholder(s) occupant(s).

 


Third Mutual (Condos)

Net Worth Requirement:
The prospective buyer of a manor shall submit satisfactory verification of net worth equal to the purchase price of the manor plus $125,000.

Income Requirement:
Prospective members must provide satisfactory verification of income of at least the sum total of the annual mortgage payment on the manor plus $45,000 per year at the time of purchase.

Guarantors:
The Mutual will permit the buyer who does not meet the financial requirements to have a Guarantor. The guarantor in Third Mutual shall provide satisfactory verification of annual income of at least $80,000, and provide verification of net worth equal to the purchase price of the manor plus $200,000. The prospective transferee shall submit satisfactory verification of a least $125,000 of net worth.