Hoa

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  • #71073
    avant219
    Participant

    I was approved for 169k. The hoa for the home im looking at is 30 a month. The house is 165k. Doeass Naca include hoa for the whole term of the mortgage in that price. Or just the first year of the loan and then we start paying hoa out of pocket after the first year?

    #71077
    Nelsont
    Member

    Neither.

    Your HOA will never be included in the loan. It will always for the life of the loan be factored into your affordability.

    The easiest way to look at is to subtract the HOA from your affordability. So for instance if you were approved for a payment of $1000/month then if you are looking at a home with a 30/month HOA then your mortgage payment cannot go above 970. Make sense?

    #71090
    avant219
    Participant

    One more question I am just a household member on my wifes naca loan. We have seperate accounts. But last month I overdrafted my account and I just wanted to know would this cause a problem for her going threw the naca process because she is about to go through underwriting stage

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