I inherited property and now buying my first home. Do I need to disclose the property I own despite owning it free and clear?

Yes. Failing to disclose that you own this property would be fraud. Typically, the new lender will include the carrying costs of the property in your debt servicing. Since there is no loan on the property, you are still obligated to pay the property taxes, and if it has a building, any insurance premium on the policy protecting the structure(s). On a side note, most, if not all lenders do a nationwide property search and they will likely discover that you already own this. If they discover the ownership and you failed to disclose you're interest in the property, could cause them to deny your loan because you "lied' to them on your application. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.