Guidelines for non-owner occupied properties have been updated at the Federal National Mortgage Association.
Loan delivery data must include gross monthly rent on Fannie Mae loans that are secured by investment properties. The requirement also applies on two- to four-unit properties.
The revision was outlined Tuesday in Announcement SEL-2011-10 from the secondary lender.
“In instances when rental income is not being used for qualifying purposes, Fannie Mae is providing additional clarity regarding the acceptable documentation that may be used to obtain rental income amounts for the purpose of reporting gross monthly rent,” according to the government-controlled enterprise.
Fannie removed the requirement for Form 1007, single-family comparable rent schedule, on manually underwritten loans if no rental income is used in the loan qualification.
The Washington, D.C.-based lender said it eliminated redundant text from the Desktop Underwriter rental income topic and replaced it with links to the appropriate topic.
