Odd question

[Anonymous]

During the mortgage process what happens if you don't disclose money you have in a account? Then you get approved and money gifted through a program? Not trying to get away with it just wondering.

[ShanetheMortgageMan]

For a mortgage application you are not required to disclose all assets you have (unless it's USDA, they want all assets listed to determine if you could qualify for conventional financing)... only those you wish to qualify with.  For example I have clients with millions in assets but it's not necessary for them to show all of them in order to qualify, so we just choose whatever is needed for them to qualify.

If you are applying for some sort of gift program, and the gift program requires you disclose all assets, and you don't... then you'd be in violation of that gift program.

[Anonymous]

ty for the honest quick answer.

[ShanetheMortgageMan]

Welx.

[Just_a_guy]

Shane - Thank you for the straight-forward answer to this important question.  You are an asset to the community.  I just wanted to ask you whether anything has changed over the last six years that would lead you to answer the question differently now.  Thanks for your help. 

[ShanetheMortgageMan]

Same guidelines would apply on this today as they were ~6 years ago.