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Here’s a video of an actual conversation I had with clients, and many others, how they can be detrimental to your loan and approval amount. In the caption, I also explain some other things to consider. Including scenarios like this:

Lots of things to consider with HOAs. During your home sale you get a copy of the CC and Rs which is the rule book of the association so study them carefully and understand in depth. Ask any questions. You’ll also get the financial reportings of their dues and records of how the property is doing. That can impact your loan too if they’re not strong and also an indicator for you of incoming raises, additional bills coming, and maybe even deferred maintenance costs that can hurt your property. Thoroughly investigate the property yourself and look at all the units and amenities as a whole. How do the pools and clubhouses look? How are the sidewalks and roads maintained? Are the gates and steps safe? Do you see roof and exterior issues because those are managed by the HOA and their responsibility as part of your dues paid.

Be vigilant and diligent. Read the disclosures too and talk to neighbors. Meeting notes from board meetings and member comments can be very useful and you’re entitled to those as well before closing.