AE<\/p>\n
Village de Laguna Woods<\/p>\n
BULLETIN DATE<\/p>\n
December 23, 2024<\/p>\n
Jeff Spies<\/p>\n
ISSUED BY<\/p>\n
INFORMATION BULLETIN<\/p>\n
Community Services Manager<\/p>\n
MUTUEL<\/p>\n
Troisi\u00e8me mutuelle de Laguna Hills<\/p>\n
Community Services Division<\/p>\n
AUTHORITY<\/p>\n
Resolution 03-24-77<\/p>\n
ADOPTED DATE | July 16, 2024<\/p>\n
SUBJECT: Revised Third Laguna Hills Financial Qualification Requirements – Reminder<\/p>\n
By way of Resolution 03-24-77, the Third board adjusted the mutual\u2019s minimum net worth and<\/p>\n
annual income requirements based on inflationary rates. The new requirements are as follows:<\/p>\n
Net worth verification increased from $125,00 to $200,000<\/p>\n
Annual income verification increased from $45,000 to $60,000<\/p>\n
Guarantors\u2019 net worth verification increased from $200,000 to $340,000<\/p>\n
Guarantors\u2019 annual income verification increased from $150,000 to $182,000<\/p>\n
The net worth and income requirements for multiple units also were revised as follows<\/p>\n
Net worth requirements. The applicant shall submit satisfactory verification of net<\/p>\n
worth that is greater than or equal to the sum of the purchase price for each unit plus<\/p>\n
$200,000 in acceptable assets per unit, as follows:<\/p>\n
Unit 1: Purchase price for Unit 1 + $200,00<\/p>\n
Unit 2: Purchase price for Unit 1 + $200,000 +<\/p>\n
Purchase price for Unit 2 + $200,000<\/p>\n
Unit 3: Purchase price for Unit 1 + $200,000 +<\/p>\n
Purchase price for Unit 2 + $200,000 +<\/p>\n
Purchase price for Unit 3 + $200,000<\/p>\n
Income requirements. The applicant shall submit satisfactory verification of annual<\/p>\n
income as follows:<\/p>\n
o Annual income that is greater than or equal to the sum of the following: the total<\/p>\n
of the first unit’s annual mortgage payment plus $60,000 per year plus the total<\/p>\n
of the second unit’s annual mortgage payment plus $60,000 per year plus an<\/p>\n
additional $30,000.<\/p>\n
For each additional unit, the annual income requirement shall be calculated<\/p>\n
consistent with the above paragraph; that is, the additional unit’s annual
\nBULLETIN NO: 2024-27<\/p>\n
mortgage payment plus an additional $30,000 over the previous annual income<\/p>\n
requirement, as follows:<\/p>\n
Unit 1: Annual mortgage payment + $60,000<\/p>\n
Unit 2: Annual mortgage payment on Unit 1 + $60,000 +<\/p>\n
Annual mortgage payment on Unit 2 + $60,000 + $30,000<\/p>\n
Unit 3: Annual mortgage payment on Unit 1 + $60,000 +<\/p>\n
Annual mortgage payment on Unit 2 + $60,000 + $30,000<\/p>\n
Annual mortgage payment on Unit 3 + $60,000 + $30,000 + $30,000<\/p>\n
The above-mentioned revised requirements become effective January 1, 2025.<\/p>\n
Find the most recent Third Mutual financial qualification guidelines at lagunawoodsvillage.com ><\/p>\n
Sales. Select Third Laguna Hills Mutual under Financial Requirements.<\/p>\n
NOTE: Always refer to the website for the most current documents. The location for all mutual<\/p>\n
policies has changed with the completion of the redesigned website.<\/p>\n
Realtors and escrow officers must inform their staff and clients of these guidelines.<\/p>\n
Please email any email questions about financial qualifications to salesrequirements@vmsinc.org.<\/p>\n
Note that this email address has been updated from resalesrequirements@vmsinc.org. Going<\/p>\n
forward, be sure to use salesrequirements@vmsinc.org. Thank you!<\/p>","protected":false},"author":28,"featured_media":0,"template":"","document_category":[1227],"document_type":[53],"class_list":["post-64383","document","type-document","status-publish","hentry","document_category-realtor-info-bulletins","document_type-other"],"acf":{"document":64414,"resolutions":null,"legacy_id":"","pdf_extracted_text":""},"yoast_head":"\n