Property Ownership
A Virginia HOA's declaration of covenants typically includes all of the following EXCEPT:
APermitted and prohibited uses of property
BAssessment procedures
CArchitectural standards
DIndividual mortgage terms for each unit✓ Correct
Explanation
A HOA declaration establishes use restrictions, assessment procedures, architectural guidelines, and enforcement mechanisms. Individual mortgage terms are between each homeowner and their lender, not set by the HOA.
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Key Terms to Know
Short Sale
A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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