This is a YouTube video titled "🚨 HOA Dues - Qualification Limits 🚨" containing a spoken explanation from January 27, 2022, discussing a client mortgage qualification scenario where HOA dues impact the total monthly payment limits for condos versus single-family homes.
I wanted to share a client scenario from earlier today. So this person was able to Qualify for a $1,700 a month total mortgage payment. They were considering a condo and if it's a $235,000 condo, 20% down including taxes and insurance, total payments about 1150amonth. But the HOA due of 585 took them to right around their $1700 a month limit. The same person could get a $350,000 single family home, get rid of the HOA due, and with 20% down, their total payments is $1,700 a month. So nothing at all wrong with condos. But you can see how the HOA due capped how much.
