All Forum Posts by: Kyle Boughton

Hi Aline, As Allen stated I would stay away from a gated community for the exact reason of HOA's. I currently have a rental that is not in a gated community but is under HOA. I can tell you now having to contact my tenant because of a garbage can being left outside without a lid or a car of his being parked in the same spot to long without being moved is a huge headache. It amazes my the things that are under their contract. The only reason I have this rental is because I lived in it before and did not want to sell it right away because of the market but was forced to move. On top of everything I have to pay a fee every month that cuts out of profit to my pocket. If you seriously do considering purchasing a home with a HOA. Read in DETAIL their contract to ensure its something that you will be comfortable with. But I highly advise against it. Good luck! -Kyle

Spoke with a banker and some banks do require proof of residency for 6 months to a year or even more but again all banks will differ. Best to contact the bank that you are getting the loan with and have them lay out their guidelines. 

From my experience most HELOC loans will have a primary residence requirement but if you currently reside in the residence just get approved then move. Majority of the time they won't care at that point nor will they check. Some banks may offer a VELOC for a vacation home or non primary residence but usually have a higher interest rate but may be worth looking into.