Hi, this is Ryan from Mortgage Philosopher.com, and in this post we’re going to talk about the HOA questionnaire and why you need to know about it if you’re purchasing or refinancing a home.
So, if you are looking into buying or refinancing either a townhome or condo, you’ll most likely have an HOA, which you’ll have to make monthly payments to, in order to live in the property.
Now oftentimes when lending on a property, a mortgage bank might ask for the HOA questionnaire, which is essentially a breakdown of the HOA’s finances. Usually the bank will want to see if the HOA has any litigation currently pending on it.
Now the reason why you need to know about this is because usually the lender will require you as the home buyer or refinancer to pay for this HOA questionnaire. These can sometimes cost several hundred dollars to order. So, with that in mind whenever you’re refinancing or purchasing a condo make sure you’re ready to pay this fee, should the underwriter ask for the HOA questionnaire.