Should I request a reserve study if the HOA won't provide one?
Yes, but approach it carefully. First, ask the HOA directly: "When was the most recent reserve study completed and can you provide it?" If they say they don't have one, ask when one was last completed or if one is planned. If the HOA truly has no reserve study, inform the lender and let them decide whether to approve without one, require one, or condition the file. Some lenders can proceed without a reserve study if other financial facts are clear, but others require one before approval.
Why it's not always simple
Some HOAs genuinely don't have reserve studies — they're not always required and some older or smaller communities skip them. Getting a new reserve study commissioned can take 4–8 weeks. The lender's position varies — some allow funding without one, some require one unconditionally, some conditionally.
The bigger issue: finding out the lender won't fund without a reserve study after weeks of file work creates a timeline problem.
What people usually miss
People often think they can skip the reserve study if the HOA doesn't have one. What usually gets missed:
- Asking the lender upfront whether a reserve study is required for this file
- Understanding that "no reserve study available" is different from "can't be obtained"
- If the HOA won't provide one, sometimes the lender will accept a reserve-funding statement from the HOA as alternative
- Missing that commissioning a new study creates a 4–8 week delay
- Not escalating early to the lender to ask if the file can proceed without one
The real problem: reserve study gaps are often discovered late, creating timeline pressure.
Example
A processor assumes the file can move forward without a reserve study because the HOA doesn't have one on file. She progresses the file 4 weeks. When it reaches underwriting, the lender asks for the reserve study. The processor tells the lender none is available, and the lender says they need one before approval. Now either the file stalls while the HOA commissions a study (4–8 weeks) or the lender denies it. If the processor had asked the lender upfront whether a reserve study was required, she would have either known to commission one early or known an alternative was acceptable.
If this is a real file
Ask the HOA if a reserve study exists. If not, ask the lender: "Can we proceed without a reserve study, or do you need one before approval?" Get a clear answer before doing major additional work. If a study is needed, commission it early.
If you want to understand whether a reserve study is critical for your file and how to address the gap, you can run a 60-second pre-screen.