Dear Mortgage Lenders:

It has come to the attention of our HOA Board that many mortgage lenders are confusing our subdivision with attached condominiums due to the “site condo” nomenclature.

Please note that our subdivision is 100% single-family, detached homes. Contrary to being called “site condos,” none of our houses are attached condominiums.

Our HOA does not have a “master policy” that many lenders ask our neighbors to provide while refinancing. Our HOA has a general liability insurance policy for our common elements (front entrance, park, playscapes, nature trail, median, streetlamps, etc) and a D&O insurance policy.

Every homeowner in this subdivision is responsible for their own individual homeowners insurance policy.

On an unrelated note, please make sure you take into consideration that the Village of New Haven has a once-a-year Village tax in addition to the twice-a-year Township tax. Many lenders have erroneously left out the Village tax from their calculations causing escrow shortages after the first year.

Thank you,

Brian Meissen
HOA President
Decora Park Subdivision