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What percentage of units in a condo project can be late on HOA dues or special assessments?

Full Review Process

When determining the eligibility of a condo project on the basis of a Full Review, lenders must ensure the following related to HOA dues and special assessments:

  • No more than 15% of the total units in a project are 60 days or more past due on their common expense assessments (also known as HOA fees). For example, a 100–unit project may not have more than 15 units that are 60 days or more past due.

This ratio is calculated by dividing the number of units with common expense assessments that are past due by 60 or more days by the total number of units in the project.

  • No more than 15% of the total units in a project are 60 days or more past due in the payment of each special assessment.

For complete details, see Full Review Eligibility Requirements in B4-2.2-02, Full Review Process.

 

Limited Review Process

When determining the eligibility of a condo project on the basis of a Limited Review, lenders must ensure the following related to special assessments:

  • No more than 15% of the total units in a project are 60 days or more past due in the payment of each special assessment.

Note:  under the Limited Review, past due for common expense assessments is not required.

For complete details, see Limited Review Eligibility Requirements in B4-2.2-01, Limited Review Process.

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