Fannie Mae does not limit the usable income to an offset or require property management experience. In this way, what is a 216 appraisal? 190 0 obj <>stream How does Fannie Mae calculate rental income? 0000036229 00000 n Uniform Residential Appraisal Report (Fannie Mae Form 1004, Rev. 0000028084 00000 n 0000022805 00000 n So why do it on the 1007, just because fannie mae put it that way? 0000031505 00000 n 0000022484 00000 n 0000017278 00000 n 6/93) 400 . 0000011703 00000 n Fannie Mae allows 75% of the documented rents as reported on the lease or Form 1007 or Form 1025 to be used. 0000011875 00000 n 0000033772 00000 n 0000016470 00000 n 0000021153 00000 n There is no area to make adjustments, but the the comments section is where you talk about differences and similiarities. 0000033323 00000 n 0000030141 00000 n 0000005445 00000 n |Tb�@K�P8�$>��� ��w5�$�P��渍9{�f� 3�d*�f:,�ЖE�d�^������F��k��2���?��jă9ݹf[%�t2`I&K�xE~��+bdh+1�A��֒5�/k;�mS�>%q�. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. It is generally r… 0000028410 00000 n 0000020498 00000 n We are a leading source of financing for mortgage lenders in the U.S. 0000011212 00000 n 0000017219 00000 n 0000022496 00000 n <<2a75cd6d8eccfb43a769abd639bf290f>]>> If Monthly Operating Income is a negative number, it must be included as a liability for qualification purposes. 0000023899 00000 n 0000030483 00000 n 0000013166 00000 n %%EOF 0000013405 00000 n 0000013243 00000 n 0000012278 00000 n 0000013814 00000 n 0000024665 00000 n Fannie Mae Form 1007: Single Family Rent Schedule and Fannie Mae Form 216 Operating The lender uses this form to obtain the market rent for a conventional Instructions. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assign… 0000007122 00000 n 0000033816 00000 n 0000010468 00000 n 0000028914 00000 n If the transaction is a refinance, rental income may be used when reported on the borrower’s individual tax returns (Schedule E). 0000035435 00000 n 0000034608 00000 n 0000028670 00000 n 0000012117 00000 n 0000024534 00000 n 0000035211 00000 n 0000035526 00000 n 0000006937 00000 n 0000028172 00000 n 0000010838 00000 n 0000031945 00000 n 0000006726 00000 n endstream endobj 26 0 obj > endobj 27 0 obj <>>>/Metadata 23 0 R/Names 29 0 R/Outlines 9 0 R/Pages 22 0 R/Type/Catalog>> endobj 28 0 obj <> endobj 29 0 obj <> endobj 30 0 obj <> endobj 31 0 obj <. 0000003628 00000 n B1 Enter the … 0000019712 00000 n 0000015986 00000 n 0000015018 00000 n 0000008160 00000 n 0000020526 00000 n Form 1007 or Form 1025 must support the income reflected on the lease. 0000016793 00000 n Fannie Mae Form 1003 is a loan application form designed by Fannie Mae and Freddie Mac that is used by lenders to obtain financial and personal information from borrowers who apply for a mortgage loan secured by a one to four unit residential real estate. 0000026083 00000 n 0000021014 00000 n Lender Record Information allows you to prepare your annual certification and … 0000021907 00000 n Single-Family Comparable Rent Schedule (Form 1007): PDF Author: Fannie Mae Subject: Single-Family Comparable Rent Schedule Keywords: 1007,Selling Transactions,Loan Application Created Date: 1/31/1997 2:06:48 AM 0000032210 00000 n 0000020852 00000 n 0000021928 00000 n 0000009732 00000 n 0000026511 00000 n startxref 500. 0000024021 00000 n 0000015434 00000 n 0000023394 00000 n 0000000016 00000 n 0000022152 00000 n 0000006893 00000 n Fannie Mae allows 75% of the documented rents as reported on the lease or Form 1007 or Form 1025 to be used. 0000020335 00000 n 0000015272 00000 n 0000019549 00000 n 0000008043 00000 n 0000033850 00000 n 0000030916 00000 n 0000012679 00000 n 0000031787 00000 n 0000031769 00000 n 0000009920 00000 n 0 0000004229 00000 n 0000018256 00000 n 8/88) 200 . 0000010650 00000 n 0000018201 00000 n 0000032105 00000 n 0000027493 00000 n 6-5-2002 FORM 9 1. 0000017056 00000 n 0000031138 00000 n 0000014787 00000 n 0000011147 00000 n 0000029581 00000 n 0000010287 00000 n 0000025107 00000 n Adjustments should be made only for items of significant difference between the comparables and the subject property. 0000018418 00000 n 0000009545 00000 n 0000008869 00000 n 0000030773 00000 n 0000005546 00000 n 0000030466 00000 n 0000006258 00000 n 0000020689 00000 n 0000032898 00000 n 0000017871 00000 n Required if the property is a one-unit investment property and the borrower is using rental income to qualify. The lender must document the borrower has at least a one-year history of receiving rental income in accordance with Documenting Rental Income From Property Other Than the Subject Property above. 0000031918 00000 n 0000022756 00000 n 0000017441 00000 n 0000007511 00000 n Adjustments should be made only for items of significant difference between the comparables and the subject property. 0000007210 00000 n 0000032792 00000 n 0000018694 00000 n 0000018860 00000 n 0000012759 00000 n 0000011636 00000 n 0000029336 00000 n For Second Mortgages The borrower may hand-carry the verification to the depositories. See Reporting of Gross Monthly Rentin B3-3.1-08, ... made by appraisers to ensure that they do not conflict with Fannie Mae’s policies or standard certifications on Fannie Mae appraisal forms. The Fannie Mae 1007 form is intended to. xref 0000016407 00000 n 0000009358 00000 n 0000019352 00000 n 500. 0000027927 00000 n 0000033480 00000 n Applicants should complete this form as “Borrower” or “Co-Borrower,” as applicable. Single Family Comparable Rent Schedule (Fannie Mae Form 1007, Rev. The lender should retain the original of the form and the appraiser, the copy. Fannie Mae Third-Party Report Standards - Seismic Risk Assessment Data Supplement Form 4097.ARM Multifamily Required Trade Information for ARM Cash or MBS Loans 0000010100 00000 n 0000028747 00000 n Form 1003 is widely adopted by mortgage lenders as a standard loan application form. 0000015825 00000 n B1 Enter the … %%EOF 0000018528 00000 n 0000027511 00000 n 0000020363 00000 n 0000033107 00000 n 0000035293 00000 n 0000021316 00000 n The remaining 25% of the gross rent will 0000024936 00000 n 0000026269 00000 n Freddie Mac Form 1000 (8/88) (8/88) Fannie Mae Form 1007 Single-Family Comparable Rent Schedule This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. 0000014948 00000 n 0000025433 00000 n 0000027656 00000 n 0000000016 00000 n 0000007992 00000 n xref 0000012035 00000 n 0000016146 00000 n When using Schedule E, determine the number of months the property … Otherwise, Form 1007 is not required. 0000035036 00000 n Fannie Mae Form 1007 (8/88) Single-Family Comparable Rent Schedule. 0000019189 00000 n 0000005768 00000 n 0000018365 00000 n 0000030646 00000 n When current lease agreements or market rents reported on Form 1007 or Form 1025 are used, the lender must calculate the rental income by multiplying the gross monthly rent(s) by 75%. Uniform Residential Appraisal Report (Fannie Mae Form 1004, Rev. 0000008674 00000 n 300 . 0000030156 00000 n 0000026346 00000 n So Fannie Mae is always right? Freddie Mac Form 65/Fannie Mae Form 1003. However, Fannie Mae does allow certain exceptions to this policy for boarder income and properties with accessory units. 0000006411 00000 n 0000033561 00000 n Otherwise, Form 1007 is not required. 8/88) 200 . 0000028504 00000 n trailer 0000004364 00000 n 0000021276 00000 n Freddie Mac Form 65 7/05 (rev.6/09) Page 1 of 5 Fannie Mae Form 1003 7/05 (rev.6/09) Uniform Residential Loan Application _____ This application is designed to be completed by the applicant(s) with the Lender’s assistance. 0000013327 00000 n For a comprehensive list of resources such as forms, announcements, lender letters, notices and more. 0000008215 00000 n 0000015110 00000 n 0000012355 00000 n 0000032184 00000 n 0000020202 00000 n 0000031592 00000 n 0000007024 00000 n 0000012516 00000 n 25 166 Isn't that the same for the 216 form. 0000022562 00000 n Fannie Mae and Freddie Mac (the GSEs) redesigned the Uniform Residential Loan Application (URLA) (Fannie Mae Form 1003) and created new automated underwriting system (AUS) specifications (Fannie Mae Desktop Underwriter® [DU®] Spec) to help lenders better capture relevant loan application information and support the industry’s move to digitize the loan origination process. 0000020827 00000 n 0000019025 00000 n %PDF-1.7 %���� Fannie Mae DU • Investment properties must be typical and customary. 0000025694 00000 n Freddie Mac Form 1000 (8/88) (8/88) Fannie Mae Form 1007 Single-Family Comparable Rent Schedule This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Freddie Mac Form 1000 (8/88) [Y2K] Fannie Mae Form 1007 (8/88) Form RNT — "TOTAL 2000 for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE 2905 SW 64th Street Fictitious City Inspection Fictitious Est. 100 . 0000034851 00000 n 0000034896 00000 n Single-Family Comparable Rent Schedule (Form 1007): PDF Author: Fannie Mae Subject: Single-Family Comparable Rent Schedule Keywords: 1007,Selling Transactions,Loan Application Created Date: 1/31/1997 2:06:48 AM 0000033191 00000 n 0000007423 00000 n 0000032061 00000 n 0000025513 00000 n 0000025756 00000 n 0000031092 00000 n Fannie Mae Form 1038 02/23/16. 0000027267 00000 n Fannie Mae’s guidelines are straight forward and less nuanced than Freddie’s. Form 1007 or Form 1025 must support the income reflected on the lease. l�{�sgI�s+oR�6� 0000021480 00000 n Download PDF Guide. 0000017706 00000 n 0000022170 00000 n 0000016244 00000 n 0000035133 00000 n 0000029913 00000 n 0000015594 00000 n 0000020170 00000 n 0000033243 00000 n 0000015758 00000 n 0000009236 00000 n 0000011531 00000 n This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. 0 0000005599 00000 n 0000024865 00000 n 0000033402 00000 n Freddie Mac Form 1077 06/09 Page 1 of 1 Fannie Mae Form 1008 06/09 . 0000014537 00000 n 0000033288 00000 n 0000029813 00000 n 0000014300 00000 n 0000011955 00000 n 0000021851 00000 n 0000016893 00000 n (The lender may obtain this form for the purpose of reporting gross monthly rent at delivery. 0000013489 00000 n 100 . This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications contained in the report form. 0000019680 00000 n • For newly constructed investment properties, the borrower cannot be affiliated with the builder, 0000008329 00000 n Form 582. 0000017767 00000 n 0000010472 00000 n 0000019386 00000 n 0000013004 00000 n Step 2 B. 0000014051 00000 n 0000032471 00000 n Adjustments should be made only for items of 0000023639 00000 n 0000016731 00000 n 0000023971 00000 n The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information. 0000009403 00000 n 6/93) 400 . 0000007680 00000 n gross income multiplier. 0000008699 00000 n 25 0 obj <> endobj 0000018578 00000 n 0000029245 00000 n 0000029977 00000 n http://www.efanniemae.com/sf/formsdocs/forms/ Here's a list of fannie mae forms from the fannie mae site. 0000025181 00000 n 0000024290 00000 n 0000020038 00000 n 0000033721 00000 n 0000023000 00000 n 0000031292 00000 n 0000007254 00000 n Title: Verification of Deposit (Form 1006): PDF Author: Fannie Mae Subject: Verification of Deposit Keywords: 1006,Selling Transactions,Loan Application 0000014214 00000 n The 1004P is the form being used to complete bifurcated appraisals, as part of their pilot program. 0000005259 00000 n 0000020007 00000 n Freddie Mac Form 1000 (8/88) [Y2K] Fannie Mae Form 1007 (8/88) Form RNT — "TOTAL 2000 for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE 2905 SW 64th Street Fictitious City Inspection Fictitious Est. Lease Agreements or Form 1007 or Form 1025. (This is referred to as “Monthly Market Rent” on the Form 1007.) The relationship or ratio between the sale price or value of a property and its gross annual rental income" is the definition of. 0000033640 00000 n The form is prepared by the appraiser as an attachment to the appraisal for a single-family investment property. Form 1007 is somewhere in the middle. 0000010091 00000 n 0000029074 00000 n The use of Guide forms by Freddie Mac-approved Sellers and Servicers is subject to the terms and conditions of the Purchase Documents, as that term is defined in the Guide. 0000033028 00000 n 0000007873 00000 n 0000017604 00000 n 0000019875 00000 n In this way, what is a 216 appraisal? Step 2 B. 0000009215 00000 n 0000017545 00000 n 0000011795 00000 n 0000008863 00000 n 0000014625 00000 n 0000023331 00000 n 300 . 0000035384 00000 n The Fannie Mae 1007 form is intended to gross income multiplier The relationship or ratio between the sale price or value of a property and its gross annual rental income" is the definition of 0000018901 00000 n 0000016082 00000 n The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total Monthly Housing Expense for the subject property to the borrower's stable monthly income. 0000012841 00000 n 0000014138 00000 n 0000016632 00000 n 0000007850 00000 n Fannie Mae serves the people who house America. 0000026591 00000 n 0000019063 00000 n 0000017382 00000 n trailer Documentation Required: ƒSchedule E (IRS Form 1040) OR ƒLease Agreement or Fannie Mae Form 1007 or Form 1025 Enter Investment Property Address Investment Property Address Step 1. 8/88) 100 . Fannie Mae Form 1007 (8/88) Single-Family Comparable Rent Schedule. 0000034944 00000 n 0000030810 00000 n 0000019223 00000 n This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. 0000023132 00000 n 0000003689 00000 n 0000012195 00000 n 0000012440 00000 n 0000004657 00000 n GFI- form VOM rev. 0000006782 00000 n Form 1003 is also known as the Uniform Residential Loan Application (URLA). If you are currently using the Form 1004P, or are contemplating it, you need to be aware of Fannie Mae’s view on geographic competency. 0000014374 00000 n 0000009040 00000 n 0000005955 00000 n 0000010806 00000 n 0000030304 00000 n 0000026998 00000 n %PDF-1.5 %���� 14 163 0000004359 00000 n 0000014698 00000 n 0000005507 00000 n (The lender may obtain this form for the purpose of reporting gross monthly rent at delivery. 0000008386 00000 n Uniform Instruments. Rental Income Worksheet Individual Rental Income from Investment Property(s): Monthly Qualifying Rental Income (or Loss) Documentation Required: § Schedule E (IRS Form 1040) OR § Lease Agreement or Fannie Mae Form 1007 or Form … 0000021643 00000 n The completed form should not be passed through the applicant or any other party. 0000023573 00000 n startxref ... Customers Recommend Ask Poli AskPoli. 0000007341 00000 n The depositories will then be required to mail this form directly to the lender. 0000013082 00000 n 0000014859 00000 n 0000033415 00000 n Lease Agreement OR Fannie Mae Form 1007 or Form 1025 This method is used when the transaction is a purchase, the property was acquired subsequent to the most recent tax filing, or the lender has justification for using a lease agreement. 0000030619 00000 n See Reporting of … 0000004493 00000 n Single Family Comparable Rent Schedule (Fannie Mae Form 1007, Rev. Co-Borrower 0000020989 00000 n 0000021520 00000 n 0000010280 00000 n 0000032631 00000 n 0000024214 00000 n The lender must document the borrower has at least a one-year history of receiving rental income in accordance with Documenting Rental Income From Property Other Than the Subject Property above. 0000020662 00000 n 0000031447 00000 n 0000014462 00000 n 0000007555 00000 n If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. 0000029487 00000 n 14 0 obj<> endobj 0000031240 00000 n 0000013888 00000 n 0000031668 00000 n 0000006595 00000 n 0000018036 00000 n Fannie Mae does not limit the usable income to an offset or require property management experience. 0000032950 00000 n The form is designed to present the information needed to determine the market rent for a single-family property. 0000016955 00000 n Title: Operating Income Statement (Form 216): PDF Author: Fannie Mae Subject: Operating Income Statement Keywords: 216,Selling Transactions Created Date 0000009903 00000 n 0000004442 00000 n 0000031384 00000 n 0000009779 00000 n 0000012600 00000 n 0000009590 00000 n 0000011477 00000 n 0000018739 00000 n The use of Guide forms by Freddie Mac-approved Sellers and Servicers is subject to the terms and conditions of the Purchase Documents, as that term is defined in the Guide. 0000013976 00000 n 0000011360 00000 n The lender retains the original form in its mortgage file. 8/88) 100 . 0000033941 00000 n If the transaction is a purchase money transaction, information on Forms 1007/1025 may be used to derive rental income (including short-term rental income) for qualifying purposes. 0000008499 00000 n 0000027842 00000 n 0000013727 00000 n 0000019516 00000 n Lease Agreement OR Fannie Mae Form 1007 or Form 1025 This method is used when the transaction is a purchase, the property was acquired subsequent to the most recent tax filing, or the lender has justification for using a lease agreement. 0000017929 00000 n 0000015341 00000 n 0000030974 00000 n The form is to be transmitted directly to the lender and is not to be transmitted through the applicant or any other party. 0000018093 00000 n Fannie Mae Form 1007: Single Family Rent Schedule and Fannie Mae Form 216 Operating The lender uses this form to obtain the market rent for a conventional Instructions. 0000027166 00000 n Fannie Mae serves the people who house America. 0000013566 00000 n 0000026923 00000 n Uniform Instruments. 0000016570 00000 n 0000012921 00000 n 0000015180 00000 n 0000025938 00000 n Launch Ask Poli . on Form 1007 or Form 1025 are used, the lender must calculate the rental income by multiplying the gross monthly rent(s) by 75%. Fannie Mae’s guidelines are straight forward and less nuanced than Freddie’s. 0000032350 00000 n 0000035340 00000 n <]/Prev 151805>> Adjustments should be made only for items of significant difference between the comparables and the subject property. 0000016307 00000 n 17 0 obj<>stream 0000015663 00000 n 0000007741 00000 n 0000011319 00000 n 0000011024 00000 n 0000034769 00000 n We are a leading source of financing for mortgage lenders in the U.S. 0000026837 00000 n Operating Income Statement (Fannie Mae Form 216, Rev. 0000010659 00000 n 0000024541 00000 n 0000010976 00000 n 0000013651 00000 n 0000017115 00000 n 0000019842 00000 n 0000015921 00000 n 0000034687 00000 n 0000015502 00000 n 0000008529 00000 n �k|Q�E�w,�N���c� ��)�����C�VP�H �﫠K���P��v �*��r�`w�}�����Їb�'�5��`�\���>��@���8g�h�&�\c$���r��L�DOg ��8�(�͢_�D�� E�D\��P/|��_�qm�v�MA���_�@�J�-��G�������A6���bKї i�����^��Ӣ������BϬ���~ Ҷ�� ��+9��:��m�3�ؒ��D�=���D�A-�stٲ�Mp�4�m%�#x��Dŝ�����x��rRѐt�������[lx�a�(�ߴt�xC�!������P��[�Z�:��Q2�[5�m���5�W���\/D��Y�;߉��l���Z)�h��▕ϵ+u��L�A��L'co���{y�q*&Ȕ��=[�k�zT:^�}�z�VEh'�Ԅ���e�E��w*���c!ϛ��b+�����|�q������#��7�sl�~.̏i�ǔOƞc����lv��,U(ǂy�!��\ռ���-�,�X���q7V�iE����$�� 0000009049 00000 n Operating Income Statement (Fannie Mae Form 216, Rev. 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