Renting & managementAll terms starting with H
HOA (Homeowners Association)
Also called: homeowners association, hoa dues, coa
An association governing a community, collecting dues and enforcing rules that can include rental restrictions.
HOA dues fund shared maintenance, insurance, and reserves, and the association enforces community rules. Dues count in your housing costs and in underwriting, and special assessments can arrive on top of them.
For investors, the governing documents matter as much as the dues: rental caps, minimum lease terms, and approval requirements can make a property unusable as a rental.
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Related terms
- PITIPrincipal, Interest, Taxes and Insurance, the four parts of a typical monthly mortgage payment.
- DTI (Debt-to-Income Ratio)The share of your gross monthly income taken up by monthly debt payments, including the proposed housing payment.
- CondominiumOwnership of an individual unit plus a shared interest in common areas, governed by an association.
- Operating expensesThe recurring costs of running a property: taxes, insurance, management, maintenance, and owner-paid utilities.
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