An organization in some communities that maintains common areas and enforces neighborhood rules, funded by mandatory dues.
HOA dues typically range from $200-$500/month for single-family homes and $300-$1000+/month for condos. They cover maintenance of shared spaces, amenities (pool, gym), insurance for common areas, and reserves for major repairs.
Lenders include HOA dues when calculating your DTI and ability to afford the mortgage. Special assessments for unexpected repairs can also be levied on top of regular dues.
Always review the HOA's CC&Rs (Covenants, Conditions & Restrictions) and financial statements before buying — restrictive rules or underfunded reserves can cause major headaches.