Do i have to disclose a home i own free and clear on loan application?

Yes. If you try and hide it, odds are it will show along the way in the transaction.

Yes you do but more importantly is why do you feel you need to not disclose it. When applying for a mortgage you are certifying that all your information is complete and accurate.There solutions for most perceived problems that you may have concerns about. Feel free to contact me privately if you choose.207-615-2222

Yes but you only have to use taxes and insurance in your debt to income ratio so it may not be too bad. Pamela 603.893.4100

Yes... Because we need to calculate any property taxes and homeowners insurance you pay on that home into your debt to income ratio.... But even if you didn't, the odds of us discovering it are about 99.99% via all the data verify and fraud checks lenders run behind the scenes.

The below comments about needing the tax and insurance liability to get an accurate debt ratio are correct. But if that's the reason you don't want to disclose it than just get a tenant in there on a lease and use 75% (per guidelines) of the rent in your income. Fannie / Freddie / FHA did away with "departing residence" guidelines a couple years ago.

Yes.. and if you don't, then you would be committing loan fraud. Understand that lenders will run a nation wide property search,, they will find it.. and if it's not disclosed, your loan will be denied.. Lenders need to know about other properties, even if they are paid for, because your carrying costs must be accounted for in your ratio's. Property taxes, insurance premiums and HOA's as well as any other assessments to the property that are paid annually are divided into 12 monthly payments and added to your debt to income ratios for qualifying purposes.. This is the same with all lending programs regardless of which lender you use. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893