MORTGAGE GLOSSARY
What Is an HOA (Homeowners Association)?
The short definition
A homeowners association (HOA) is an organization that manages shared spaces — things like pools, landscaping, or common buildings — and enforces community rules in certain neighborhoods, condos, and townhomes. Membership and dues are typically mandatory if a property has one.
Why it matters for your budget
HOA dues are a real monthly cost, separate from your mortgage payment, and should be factored into what you can comfortably afford — see the affordability calculator, which includes HOA dues as an optional input.
What to check before buying
HOA rules, fee history, and the association's financial health (reserve funds, any pending special assessments) are worth reviewing before finalizing an offer on a property with an HOA.
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