What is a Form 1007 or Form 1025?
Lease Agreements or Form 1007 or Form 1025. 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%. (This is referred to as “Monthly Market Rent” on the Form 1007.)
What is the 1007 form?
The form is prepared by the appraiser as an attachment to the appraisal for a single-family investment property. The form is designed to present the information needed to determine the market rent for a single-family property. It calls for information on the physical structure, location, and lease terms.
Does Fannie Mae require Form 216?
Fannie Mae DU The Operating Income Statement (Fannie Mae Form 216) is NOT required, regardless of the type of property. However, since the lender must report the gross monthly rent at delivery, lenders have the option of obtaining an Operating Income Statement (Fannie Mae Form 216) to meet this requirement.
Does Fannie Mae require a 2 year work history?
Fannie Mae generally requires lenders to obtain a two-year history of the borrower’s prior earnings as a means of demonstrating the likelihood that the income will continue to be received. For additional information, see B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower.
What type of appraisal do you order for a townhouse?
The 1004 form is probably the most common and widely used appraisal form for residential appraisers. That is because it is the form for single family residential properties. The 1004 is used when an appraiser is required to do an interior and exterior inspection.
What are the different types of appraisal forms?
The four types are the full appraisal, exterior-only appraisal, the rental analysis, and the broker price opinion. A full appraisal is the most common type of appraisal. How the appraised value is determined is the same for all home appraisal types. The appraisal costs for each is different.
When does Fannie Mae report its quarterly results?
Factors that may lead to different results are discussed in “Risk Factors,” “Forward-Looking Statements,” and elsewhere in the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, and its Annual Report on Form 10-K for the year ended December 31, 2020.
Where are the instructions on the Fannie Mae selling guide?
These forms are provided for use in meeting our Selling and Servicing Guides requirements. Form instructions are appended to the back of each individual form (with a few appended to the front). Having problems viewing PDFs? Try downloading and opening the file from your computer’s PDF Reader.
Where can I get a Fannie Mae Form?
You can also download the printable 1,200+ page PDF, which include links. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. For a comprehensive list of resources such as forms, announcements, lender letters, notices and more.
What do you need to know about Fannie Mae b3-4.2-02?
The borrower must be listed as an owner of the account and the account must be verified in accordance with B3-4.2-01, Verification of Deposits and Assets. The lender must perform a business cash flow analysis to confirm that the withdrawal of funds for this transaction will not have a negative impact on the business.
