HOA is the acronym for Home Owner's Association. When purchasing a condominium, townhome or home that is affiliated with an HOA there is typically a monthly "Association Fee" that is required of the property owner. Association fees cover some of the routine costs of running the complex, which typically include, insurance, trash, water, maintenance, sometimes wifi wireless, just to name a few. It just depends on the Association. Mobile home parks can also have HOA fees. When applying for a loan HOA fees are considered due to the fact that they are a recurring monthly expense on the part of the homeowner. Therefore, this will impact your loan eligability amount. HOA fees are set by the HOA and vary in price, beware some can be very expensive, others not so much.
If you need help with properties in Carpinteria contact me. Sofie Langhorne, Realtor
DRE# 01851983 sofie@TheLanghorneGroup.com @ Coldwell Banker! I look forward to hearing from you!