Tag: Rental Income

Fannie Mae Selling Guide Announcement SEL–2020-03 – Dated June 3, 2020

Written by: Lloyd Rutherford, Staff Writer This bulletin is FULL of important updates.  Make sure that you read through the various changes that may apply to your business. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced […]

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Documentation Needed When Renting a Departing Residence

Question: My client is moving from his owner-occupied residence and into a new home.  He is intending to rent that property.  I am getting underwriting conditions that require a signed lease, and the first month’s rent upfront at least one to two weeks prior to closing in order to use this as income.  What are […]

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Determining Rental Income on a Consolidated Schedule E

Question: Our client’s rental income was reported as separate properties on their 2018 return.  However, on their 2019 the rental income was consolidated.  The IRS regulation 1.469-4(c) allows this, but we are struggling with documenting the rental income.  What are FHA guidelines for this situation? Answer: The consolidation approach certainly does make it easier for […]

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Fannie Mae Selling Guide Announcement SEL–2020-02 – Dated April 1, 2020

Written by: Lloyd Rutherford, Staff Writer While ARMs are not all the rage right now due to the current low rate environment, we all know this can turn quickly.  That’s why it’s important to stay up to date on the changes in this arena.  Read through this article for some important updates to the ARM […]

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Fannie Mae Selling Guide Announcement SEL–2020-01 – Dated February 5, 2020

Written by: Lloyd Rutherford, Staff Writer Fannie Mae selling guide announcements contain a montage of updates that are important to read through when they are issued.  Following is the scoop on their latest guideline changes. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the […]

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