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Can Buying in an HOA Affect Your Chances of Buying a Home?
 Can Buying in an HOA Affect Your Chances of Buying a Home?          Homeowners Associations (HOA) ... and the fees/dues associated with them ... come in all sizes, shapes, and forms ...           While many Chicagoland properties are not associated with any Homeowners Association (HOA), many ... especially those built after or during the 1980's ... are likely to lie within a subdivision with an established HOA - Homeowners Association.       These Associations usually provide commonly owned facilities or services for the benefit of ALL property owners within the Development.      Some examples of amenities and services supported by Homeowners Associations/Fees are:    
Parks  Pools  Tennis Courts Marinas Clubhouses Recreational Facilities  Signs  Lawn Care/Snow Removal Retention Ponds Walking Paths  More ...         The cost of maintaining these facilities is shared among the Association's homeowners.  Homeowners pay fees or dues to cover these costs by monthly, quarterly, or annual payments to the Association.      Whatever the frequency of payments made to the Association ... when it comes time to seek financing to buy (or Refinance) within an HOA, a monthly cost is calculated for Mortgage Qualifying Purposes.  In the case of Chicagoland Condominium or Townhouse Associations, the dues are typically paid monthly.  Potential ... more

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