1004, 1007 And 216 All Ordered Individually

[Dublin ohio]

If it is an investment property, they don't need the 1004

Please explain. Per thread title. It must be a single family property. If not a 1004 then what?

 

[Meandering]

Please explain. Per thread title. It must be a single family property. If not a 1004 then what?

Form 1038


Fannie Mae Form 1038


Use this form for any other investment properties owned (or being purchased) by the borrower, including single-family or 1-4 Family properties.

http://www.mortgagecurrentcy.com/downloads/FannieMae_RentalIncomeForms.pdf

 

[Dublin ohio]

Form 1038


Fannie Mae Form 1038


Use this form for any other investment properties owned (or being purchased) by the borrower, including single-family or 1-4 Family properties.

http://www.mortgagecurrentcy.com/downloads/FannieMae_RentalIncomeForms.pdf

Not an appraisal report form. Just an income worksheet

 

[Meandering]

Not an appraisal report form. Just an income worksheet

You are right, I flubbed that. I was thinking 1025 but they do need the 1004 for a single home. I should do more fannie work to keep up with form numbers. The 1038 is for the loan originators. Sorry.

 

[hastalavista]

The appraisal (obviously) and the rent survey are both "appraisals".
If you do the rent survey as a separate assignment, make sure you:
A. Adequately describe the physical and legal characteristics of the property.
B. Adequately describe the market conditions that are related to the valuation type (rental market for SFR homes).
C. Include a signed certification consistent with SR2-3.

My stand-alone rental surveys are typically the 1007 form, 3-4 pages of discussion/market analysis + the signed certification. Refer to AO-11 (Appraisal Report) to review the essential elements which must be summarized.

The Operating Income Statement is not an appraisal. That you can do (IMO) by simply filling out the 2-page form.


Good luck!

 

[jay trotta]

The appraisal (obviously) and the rent survey are both "appraisals".
If you do the rent survey as a separate assignment, make sure you:
A. Adequately describe the physical and legal characteristics of the property.
B. Adequately describe the market conditions that are related to the valuation type (rental market for SFR homes).
C. Include a signed certification consistent with SR2-3.

My stand-alone rental surveys are typically the 1007 form, 3-4 pages of discussion/market analysis + the signed certification. Refer to AO-11 (Appraisal Report) to review the essential elements which must be summarized.

The Operating Income Statement is not an appraisal. That you can do (IMO) by simply filling out the 2-page form.


Good luck!

Agreed, just be sure to add in the Bill for the OIS, it is Not a gimme and if you read it, the Lender is to supply you with pertinent data, provided by the Owner/Landlord; if they don't, provide your caveat in reference to what you supply.
Cheers