The 1088 form, also called the Fannie Mae Comparative Income Analysis, is a standardized mortgage worksheet that lenders use to evaluate whether a self-employed borrower's business generates stable enough income to support a home loan. It compares financial data across two consecutive years, tracking gross income trends, operating expense changes, and net taxable income to build a picture of business viability.
Depending on business structure, the form draws data from different IRS filings:
Lenders calculate percentage changes in gross income, total expenses, and taxable income for each reported year. A steady or growing income trend across both years typically strengthens a borrower's loan application. Sharp declines may require additional documentation. Related Fannie Mae forms include Fannie Mae Form 1084 for cash flow analysis and the Fannie Mae Income Worksheet. Self-employed borrowers may also need the self-employed income analysis form.
| Question | Answer |
|---|---|
| Form Name | 1088 Tax Form |
| Form Length | 3 pages |
| Fillable? | Yes |
| Fillable fields | 1 |
| Avg. time to fill out | 57 sec |
| Other names | fannie mae 1088, how to 1088, 1088 form irs, irs 1088 form |
