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How does a condo association loan or HOA loan affect the unit owners?

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  1. The condo association's or HOA's monthly assessment income may need to be increased by some amount in order to support the loan payment. But because there are no prepayment penalties, the Condo Association or HOA can make a partial prepayment during the Condo Association or HOA loan term, making it possible to reset the monthly payment on an annual basis, lowering the assessment level required.
  2. The unit owner is not directly obligated for the Condo association's loan or HOA's loan. Units can be bought and sold regardless of whether there is a condo association loan or HOA loan in place.
  3. The condo association loan or HOA loan does not become reported on a personal credit report.

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