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

Live in CA and own out of state. I want to purchase another home and do not need the rental income to qualify nor do i want to search for all of the documentation for the property. Is it ok if I do not disclose that property? by eonaxes654 from Macdoel, California. Apr 21st 2017 Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 394 contributions

You will need to disclose it. It will appear on your Sch E on your tax returns.

Apr 21st 2017
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Larry Gray (lgray_312_247)
#2 ranked lender in California - 1,087 contributions

When you sign your initial 1003 you must disclose it on the application.

Apr 21st 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,641 contributions

You must disclose all properties you own. Part of the qualifying process is determine your debt to income ratios.. having no mortgage does not mean you do not have costs associated with that property. Taxes, insurance, association fee, etc.. can all add up, so we need to take your annual fees, divide them by 12 months and ad that number as a reoccurring expense. Every conforming lending program requires that we run your name through a nationwide database to determine if you own any other property in the USA.. if you don't disclose it and they find the other property, your loan can be denied.. I'm a preferred Lender with Arizona and California 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

Apr 21st 2017
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Elva Wormley (ElvaWormley)
#6 ranked lender in California - 26 contributions

Yes, you must disclose this property on your loan application.

Apr 23rd 2017
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