BULLETIN NO: 2025-02<\/p>\n
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BULLETIN DATE | April 1, 2025<\/p>\n
Jeff Spies<\/p>\n
INFORMATION<\/p>\n
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BULLETIN<\/p>\n
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Internal<\/p>\n
ADOPTED DATE | TBD<\/p>\n
SUBJECTS: Third Mutual Reduced Leasing Cap and Revised Financial Qualifications<\/p>\n
LEASING CAP<\/p>\n
At its March 18, 2025, board meeting, the Third Mutual board of directors voted to reduce the<\/p>\n
leasing cap from 30% to 25%.<\/p>\n
This proposed change has been postponed for the 28-day comment period. The<\/p>\n
board will take final action at its April 15 meeting, and the new requirements will<\/p>\n
become effective May 1, 2025.<\/p>\n
Owners who acquired title to their separate interest prior to the adoption of the 25% cap will<\/p>\n
be grandfathered and will be exempt from the restriction until another owner acquires the<\/p>\n
separate interest. However, new members who purchase after the 25% cap adoption will not<\/p>\n
be permitted to lease their units until the current leasing percentage falls below 25% or 1,526<\/p>\n
units.<\/p>\n
Additionally, this change rescinds the current waiting list policy, which will be removed from<\/p>\n
the resale packet. If the leasing percentage reaches below 25%, then a new waiting list will<\/p>\n
be established and owners must wait until their name is first on the list before leasing their<\/p>\n
unit.<\/p>\n
FINANCIAL QUALIFICATIONS<\/p>\n
Also, at its March 18, 2025, board meeting, the Third Mutual board approved revisions to its<\/p>\n
financial qualifications, allowing the following changes:<\/p>\n
1<\/p>\n
When there is more than one applicant, income and assets may now be calculated<\/p>\n
collectively. This change allows individuals to qualify together and permits children<\/p>\n
to purchase a unit with their parents, enabling parents to reside in the unit as<\/p>\n
members instead of lessees.<\/p>\n
Prospective members and guarantors must submit a full credit report from a<\/p>\n
nationally recognized credit reporting agency (e.g., Equifax, TransUnion, Experian)<\/p>\n
if their FICO score is less than 700 or if their FICO score is 700 or higher with an<\/p>\n
outside mortgage. They must also submit a credit summary report if their FICO<\/p>\n
score is 700 or higher without an outside mortgage. These reports must be dated<\/p>\n
within 60 days prior to the application submittal.
\nThese proposed changes were postponed for the 28-day comment period. The board<\/p>\n
will take final action at its April 15 meeting, and the new requirements will become<\/p>\n
effective upon final approval.<\/p>\n
All qualified individuals, including parents\u2019 and children\u2019s names, will be placed on their<\/p>\n
respective deeds to be consistent with owners of a separate interest.<\/p>\n
Realtors and escrow officers must inform their staff and clients of these policies.<\/p>\n
Find the most recent Third Mutual financial qualification guidelines at<\/p>\n
lagunawoodsvillage.com > Sales > Sales Information. Select Third Laguna Hills Mutual<\/p>\n
under Financial requirements.<\/p>\n
NOTE: Always refer to the website for the most current documents. The location for all<\/p>\n
mutual policies has changed with the completion of the redesigned website.<\/p>\n
Email questions to salesrequirements@vmsinc.org. Note that this email address has<\/p>\n
been updated from resalesrequirements@vmsinc.org. Going forward, be sure to use<\/p>\n
salesrequirements@vmsinc.org. Thank you!<\/p>","protected":false},"author":28,"featured_media":0,"template":"","document_category":[1227],"document_type":[53],"class_list":["post-69219","document","type-document","status-publish","hentry","document_category-realtor-info-bulletins","document_type-other"],"acf":{"document":69220,"resolutions":null,"legacy_id":"","pdf_extracted_text":""},"yoast_head":"\n