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Before you buy, you have the right to review the HOA’s documents. Key questions to ask include:
What is the exact monthly/quarterly fee?
What is included (and not included) in the fees?
How often have fees increased in the last 5-10 years?
Are there any pending special assessments?
How healthy is the HOA’s reserve fund?
What are the rules and covenants (CC&Rs)?
Yes, and they should be thoroughly explored first:
Cash-Out Refinance: Refinance your first mortgage for more than you owe and take the difference in cash. This is often a better option if you can get a favorable rate.
Home Equity Loan/Line of Credit (HELOC): If you don’t already have a second mortgage, this is a far better choice than a third mortgage.
Personal Loan: An unsecured loan that doesn’t put your home at risk.
Credit Cards: For smaller amounts, a 0% introductory APR card could be a short-term solution.
You’ll need to provide recent statements for all outstanding debts, such as credit cards, auto loans, student loans, and personal loans. This helps the lender calculate your debt-to-income ratio (DTI).
The most common issue is an inability to verify stable, predictable income. This can be due to recent job changes to an unrelated field, significant gaps in employment that aren’t well-explained, or unstable income for self-employed borrowers that doesn’t meet the two-year history requirement.
