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Are HOA fees included in a mortgage?
After landing a fantastic job in Denver, I’m in the process of looking for a townhouse. My real estate agent is telling me to keep in mind the cost of HOA fees. This is the first time I’ve bought a house. Are HOA fees included in a mortgage?
Rachel Rigolino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
How exciting! To answer your question, no, HOA fees are not included in a mortgage. It’s likely that your agent is just reminding you that your HOA fee will become another bill you’ll have to pay every month.
Let’s review some basics about HOAs. HOA stands for Homeowners Association. Essentially, the HOA’s purpose is to protect everyone’s property values. HOA boards are composed of homeowners who volunteer to keep track of maintenance issues and HOA finances.
When you apply for a mortgage, the bank will request information about the property’s HOA fees in order to determine your debt-to-income ratio. Essentially, this ratio is determined by dividing your anticipated monthly costs by your income.
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