Subject: Form 1007 & eligible rents - tip of the day
Good Morning
Today is Monday, January 16, 2012
Michele is out of the office today. Lisha is covering her
desk.
Our turn times are currently 24 hours or less.
Tip of the
day – Form 1007 & eligible rents
Investment
property appraisals must include a comparable rent schedule, Form 1007.
|
Even if
the rental income is not being counted, a form 1007 is required to validate
the eligible rents on the property. While the
DU findings may state “If the borrower is being qualified with the entire
payment, without benefit of rental income, Form 1007 is not required.”,
Gateway is still required to report this information upon sale to
FNMA. |
When
appraisals are ordered, be sure to include this in the request.
Thank
You!
Neil
Johnson
Gateway
Mortgage Group
National
TPO Operations Manager
4201
N. State Hwy 161
Irving,
TX 75038
Office:
972-908-3390 ext. 118
fax#
918-858-8392