Are HOA Fees Normally included in Mortgage Payment?? (5%, sale, settlement)

[LifeIsGood01]

Originally Posted by jaynarie

I have never seen HOA being collected via escrow. I look at CDs all day long, roughly 1,000 per month.

You must have quite a record collection too.

[jaynarie]

Originally Posted by LifeIsGood01

You must have quite a record collection too.

Lol.

CDs=Closing Disclosures for those confused

[emm74]

I've never heard of HOA payments being escrowed and paid out by the mortgage company. But most associations have an ACH system, where you can set up automatic payments.

[BostonMike7]

Mine was a separate payment to the HOA itself.


Mailed out a check each month, and the HOA fee usually went up every year.

[dblackga]

Originally Posted by NancyDrew1

We would be 1st time homebuyers qualifiying for a fannie mae or freddy mac loan for a Condo in California

Just curious. Thank you

Not for payments. The amount of the HOA payment is part of the qualifying ratios, but the mortgage company does not pay the HOA directly, as they often do for property taxes and insurance.

[C24L]

No.I think HOA is separate.

[Electrician4you]

We have a few rentals in HOAs. At no time was the HOA payment rolled into the mortgage. We have impounded taxes IN the payment. I no longer do that

[LifeIsGood01]

Originally Posted by jaynarie

Lol.

CDs=Closing Disclosures for those confused

I guessed closing documents.

[bizcuit]

Separate payment to the HOA each month. However, you most likely will need to also write a check at closing for your prorated HOA fees for the month. So, it may be included as part of the costs you are responsible for at closing.

[ss20ts]

You pay the HOA fees on your own. That has nothing to do with your mortgage. No bank is going to deal with monthly or quarterly payments to a HOA. They struggle to pay the property taxes on time.