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Documentation Index

Fetch the complete documentation index at: https://docs.pylon.mortgage/llms.txt

Use this file to discover all available pages before exploring further.

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What this task is

This task collects evidence of homeowners association (HOA) dues for an owned property other than the subject property. The documentation should show:
  • The amount of the recurring HOA payment, and
  • The name of the association receiving the dues.
This information is used to include HOA dues in the PITIA calculation (see PITIA) for each owned property that will remain after closing.

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When this task is required

This task is required when:
  • The borrower owns an additional property besides the subject property, and
  • The property type is a Condominium or Planned Unit Development (PUD), or otherwise subject to HOA dues, and
  • The property will remain after closing and continue to incur HOA obligations.
These scenarios are common when borrowers own:
  • Additional condo or PUD units, or
  • A primary or secondary residence in an association-governed community.

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Why this task is required

HOA dues are a material component of total housing cost:
  • They must be included when calculating debt-to-income ratios for each property.
  • They can affect the borrower’s capacity to manage multiple properties and associated obligations.
Without accurate HOA information, the lender may:
  • Underestimate the borrower’s true housing expenses, or
  • Fail to identify unusually high dues that may impact affordability.

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Documents needed to resolve this task

To satisfy this task, provide:
  • Documentation showing the current HOA dues for the owned property, such as:
    • A billing statement or invoice from the association.
    • An account statement or coupon book reflecting the current periodic amount.
    • A mortgage statement that separately identifies HOA dues if they are collected and remitted by a servicer.
  • The documentation should clearly indicate:
    • The amount and frequency of the dues (monthly, quarterly, annually), and
    • The name of the HOA for reference.
These documents allow the underwriter to incorporate HOA dues correctly into the borrower’s housing cost profile for owned properties other than the subject property.