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Old 03-27-2017, 02:45 AM
 
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We would be 1st time homebuyers qualifiying for a fannie mae or freddy mac loan for a Condo in California

Just curious. Thank you

 
Old 03-27-2017, 02:46 AM
 
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no , generally not
 
Old 03-27-2017, 04:02 AM
 
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I'm not familiar with it but I would think the hoa fee would be included in your debt to income ratio to see if you can afford the loan so it does play a part to see if you can make the mortgage payment.
 
Old 03-27-2017, 04:12 AM
 
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are you asking if it is included in the payment or does it count towards qualifying for a mortgage debt wise ?
 
Old 03-27-2017, 04:18 AM
 
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Quote:
Originally Posted by NancyDrew1 View Post
Are HOA Fees Normally included in Mortgage Payment??
No. They are usually paid separately.
 
Old 03-27-2017, 04:35 AM
 
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Quote:
Originally Posted by NancyDrew1 View Post
We would be 1st time homebuyers qualifiying for a fannie mae or freddy mac loan
Fannie and Freddie don't loan money to homebuyers.
 
Old 03-27-2017, 05:03 AM
 
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You make a separate check for the HOA whenever they're due.(usually monthly) they should send you a notice ...
 
Old 03-27-2017, 06:32 AM
 
Location: Wonderland
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I've never heard of them being included in a payment to a mortgage lender - generally you pay separately.

That being said, YOU for sure better include the HOA fees in your "loan payment" when you're figuring out whether or not you can afford a place. Don't just assume that the mortgage lender is going to factor that in, though they certainly should. That's your responsibility though.
 
Old 03-27-2017, 07:47 AM
 
Location: Saint John, IN
11,582 posts, read 6,736,853 times
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Quote:
Originally Posted by NancyDrew1 View Post
We would be 1st time homebuyers qualifiying for a fannie mae or freddy mac loan for a Condo in California

Just curious. Thank you
No, Only Principle, Interest, property taxes, PMI (if not putting 20% down) home owner insurance.
 
Old 03-27-2017, 08:24 AM
 
Location: Back in the Mitten. Formerly NC
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I have never seen HOA being collected via escrow. I look at CDs all day long, roughly 1,000 per month.
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