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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 documentation of homeowners association (HOA) dues for the subject property. The goal is to confirm:
  • The amount and frequency of HOA payments, and
  • The association responsible for those dues.

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When this task is required

This task is required when:
  • The subject property is part of an association-governed community, such as a:
    • Condominium,
    • Cooperative, or
    • Planned Unit Development (PUD), and
  • The loan purpose is a refinance or other transaction where ongoing HOA costs are relevant to underwriting.

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Why this task is required

HOA dues form an important component of the borrower’s total housing payment:
  • They must be included in PITIA (see PITIA) when calculating DTI ratios.
  • High dues can meaningfully affect the borrower’s affordability profile.
Collecting precise HOA information helps underwriters:
  • Avoid understating the borrower’s monthly housing obligations.
  • Identify any unusual or escalating association costs that may pose additional risk.
Without this information, the lender might use estimates or incomplete data, which can undermine the accuracy of the risk assessment.

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Documents needed to resolve this task

To satisfy this task, provide:
  • Documentation showing the current HOA dues for the subject property, such as:
    • A billing statement or invoice from the association.
    • A payment coupon or account statement indicating the dues amount and due dates.
    • A condo or HOA questionnaire (if obtained) that clearly lists the periodic dues amount.
These materials allow the underwriter to incorporate the correct association fee into the borrower’s total housing expense.