The Criteria to Purchase for Leisure World Seal Beach
Leisure World Seal Beach has specific Criteria to Purchase guidelines that have to be followed. As of August 1, 2008, all perspective residents have to be financially qualified before opening escrow. The following information applies to all prospective residents regardless of who is actually paying for the unit. For example, if a child is supplying the funds for their parents to purchase, it is the parents that must be financially qualified, not the child who is supplying the funds. Also, if two people are buying a unit together and they are not a married couple, they both will have to meet the financial qualifications individually.
The verification process and what documents mandated are basically the same for all Mutual's, the difference will be in the amount of liquid assets and net income required. A Buyer (resident) must prove that their minimum net income is at least 4-5 times the monthly fee (carrying charge) plus property tax and show that they have a minimum of $25,000-$50,000 in liquid assets. A credit report and doctor's health letter will be required in some Mutuals.
As part of your closing costs, each individual buyer will pay a One-Time Golden Rain Foundation Membership/Amenities Fee of $5,332..00. After financial approval and during escrow, the Buyer will go through a mandatory Orientation Meeting with a Representative from the Mutual. Some Mutuals charge a Non-Refundable Orientation Fee of $500-$750.
The Documents Required to Qualify:
* Last 2 Years of Federal Tax Returns (1st 2 pages of the actual return).
* 6 Months Minimum of Bank Statements for an Account that has at least $25,000 - $50,000 in Reserves (can be multiple accounts). This can be any type of account, i.e.; IRA, Securities, Checking or Savings Accounts, etc.
PLEASE NOTE: In the event that the Buyer does not file tax returns, the last two years worth of 1099's, 1099-R's or 1099-SSA's may be used, along with the required Bank Statements.
In Addition to the Financial Documents, we will need the following:
* Copy of Passport OR Driver's License AND Birth Certificate for each Buyer.
* Signed Mutual Operations Disclosure / Active Adult Community Disclosure signed by each Buyer.
* Mutual 1 requires a credit report with a FICO score of at least 680.
* Mutual 2 requires a credit report with a FICO score of at least 650, and will allow Alternative Financial Calculations
* Mutual 4 may require 3 years of Tax Returns
* Mutual 5 will allow Alternative Financial Calculations.
* Mutual 9 requires a Credit Report
* Mutual 11 requires a Credit Check
* Mutual 14 and 17 requires a FICO score over 620.
Doctor Letter Requirements:
* Doctor to sign an Active Community Disclosure form for Mutual's 1, 2, and 9.
* Doctor to write a note that Buyer can live independently for Mutual 4.
* Active Adult Community Disclosure Form signed by Buyer is required for ALL Mutual's.
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Robin Gray | 562-209-5605| DRE #01027333
1900-C St Andrews - Seal Beach, CA 90740
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