DVC and Mortgage Applications...?

[DVCGirl49]

I know that DVC mortcages do not show up on your credit reports. However, when filling out papers for a new home mortgage should you list it on as a debt? Has anyone not put it on and had the lender find out about it/ask about it? If so what happened?

 

[Happy Birthday Cat]

If you choose to list it as a debt, make sure to list it as an asset too. That may be a hard thing for most lenders to believe though.

 

[GAIL HAYDEN]

Originally posted by DVCGirl49
I know that DVC mortcages do not show up on your credit reports. However, when filling out papers for a new home mortgage should you list it on as a debt? Has anyone not put it on and had the lender find out about it/ask about it? If so what happened?

I would not disclose it.

 

[ducklite]

I just purchased a new house, and disclosed DVC--my dues are direct debited out of my bank account, and that's one of the things that underwriters look for, making sure that direct debited items match with the listed debts.

If you get caught not disclosing something they'll put the entire app under a magnifying glass, and be looking for anything and everything, and be asking for a lot more documentation and explanations.

If your credit is good and DTI is low, then don't worry about it, it won't have any affect anyhow.

Anne