Borrower Eligibility
- Property: Single, contiguous community with a general manager
- Minimum annual budget: $2 million
- Owner occupancy: At least 50% of units must be owner-occupied.
- Rental restrictions: No more than 50% of units can be rentals or investor-owned
- Commercial space limitations: A maximum of 35% of the property can be used commercially.
- Reserve funds: The HOA needs to maintain sufficient cash reserves.
- Insurance requirements: Adequate hazard, liability, and flood insurance must be in place.
- Delinquency rate limits: No more than 15% of units can be more than 60 days past due on HOA fees