How do HOA fees affect mortgage qualification?

Full monthly HOA fee is included in the PITI calculation for DTI purposes. A $400/month HOA on a $100,000/year income uses up 4.8% of the 28% front-end limit, equivalent to a $60,000 reduction in purchasing power.

What is the average HOA fee?

National average: $170-$300/month for single-family HOAs; $400-$700/month for condos and urban high-rises. Luxury or resort communities can exceed $2,000/month. Always budget for special assessments.

What happens if I do not pay HOA fees?

HOAs can place liens on your property and in some states foreclose for unpaid dues, even while the mortgage is current. Unpaid HOA fees are a significant legal and financial risk.

HOA Fee Affordability Calculator

Assess the impact of HOA fees on total housing cost and mortgage qualification. HOA fees count in DTI calculation and can significantly reduce purchase power.

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HOA Fee Affordability Calculator

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Frequently Asked Questions

How do HOA fees affect mortgage qualification?

What is the average HOA fee?

What happens if I do not pay HOA fees?