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Fannie Mae 1037 PDF Details

If you're a homeowner who's been looking to refinance your home, you may have come across the Fannie Mae 1037 program. This refinance option is available to homeowners with high loan-to-value (LTV) ratios, and can help you save money on your monthly mortgage payments. Here's what you need to know about the Fannie Mae 1037 program, including how to qualify and how to get started. What is it that you would like borrowers qualification requirements? Also as this product has just been announced give some general guidance of what folks could see in savings - ballpark estimate please for those rates? I recall other ops like these gave 600bps at least savior over 30 yr FRM product.

Here is the details relating to the PDF you were seeking to fill in. It can show you the time you will require to complete fannie mae 1037, exactly what fields you need to fill in, and so forth.

Question	Answer
Form Name	Fannie Mae 1037
Form Length	1 pages
Fillable?	Yes
Fillable fields	54
Avg. time to fill out	11 min 3 sec
Other names	rental income calculator fannie mae, rental income calculation worksheet, fannie mae form 1037, form 1037

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Rental Income Worksheet

Principal Residence, 2- to 4-unit Property: Monthly Qualifying Rental Income

Documentation Required:			Address of Principal Residence:

 Schedule E (IRS Form 1040) OR
		Enter	Rental Unit	Rental Unit	Rental Unit
	Lease Agreement or Fannie Mae Form 1025
			_________	_________	_________

Step 1 When using Schedule E, determine the number of months the property was in service by dividing the Fair Rental Days by 30. If Fair Rental Days are not reported, the property is considered to be in service for 12 months unless there is evidence of a shorter term of service.

Step 1. Result: The number of months the property was in service:

Result

Step 2 Calculate the monthly qualifying rental income using Step 2A: Schedule E OR Step 2B: Lease Agreement or Form 1025.

	Step 2 A. Schedule E - Part I
A1	Enter total rents received (from the non-owner-occupied units).	Enter
	May enter rent from individual unit(s) or combine.	Enter
	May enter rent from individual unit(s) or combine.
A2	Subtract total expenses.	Subtract

A3	Add back insurance expense.	Add

A4	Add back mortgage interest paid.	Add

A5	Add back tax expense.	Add

A6	Add back homeowners’ association dues.	Add
	This expense must be specifically identified on Schedule E in order to add it back.	Add

A7	Add back depreciation expense or depletion.	Add
A8	Add back any one-time extraordinary expense (e.g., casualty loss). There	Add
	must be evidence of the nature of the one-time extraordinary expense.	Add

	Equals adjusted rental income.	Total
A9	Divide by the number of months the property was in service (Step 1 Result).	Divide
		Divide

	Step 2A. Result: Monthly qualifying rental income:	Result

	Step 2 B. Lease Agreement or Fannie Mae Form 1025
	This method is used when the transaction is a purchase or the property was acquired subsequent to the most recent tax filing.
B1	Enter gross monthly rent (from the lease agreement) or	Enter
	market rent (from Form 1025) for the applicable rental unit.
B2	Multiply gross monthly rent or market rent by 75% (.75). The remaining 25%	Multiply		x .75	x .75
	accounts for vacancy loss, maintenance, and management expenses.		x .75	x .75	x .75


	Equals monthly rental income per unit.	Total
B3	Combine the monthly rental income of all non-owner-occupied rental units	Add
	(up to a maximum of 3 rental units since rental income is not eligible on the
	unit occupied by the borrower).

	Step 2B. Result: Monthly qualifying rental income:	Result

Step 3. Determine the qualifying impact using the combined result of Step 2A or Step 2B.

3A Add the monthly qualifying rental income to the borrower’s monthly qualifying income.

3B Identify the full amount of the PITIA as the borrower’s primary housing expense and include it in the debt-to-income ratio.

Use proposed PITIA when the subject property; existing PITIA when not the subject property.

DU Data Entry	Monthly Income and Combined Housing Expenses	Mortgage Liabilities
DU Data Entry	Monthly Income and Combined Housing Expenses	Mortgage Liabilities
Subject Property	Enter the amount of the monthly qualifying income in	Include as the borrower’s primary housing
	“Subject Net Cash.”	expense. For refinance transactions, identify
		the mortgage as a subject property lien.

Non-Subject Property	Enter the amount of the monthly qualifying income in “Net	Include as the borrower’s primary housing
	Rental.”	expense.

Refer to the Rental Income topic in the Selling Guide for additional guidance.

Fannie Mae Form 1037

09.30.2014

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Step 1: First of all, pick the orange "Get form now" button.

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In the Equals, monthly, rental, income, per, unit Total, Add, Result, DU, Data, Entry Mortgage, Liabilities Subject, Property NonSubject, Property and Fannie, Mae, Form box, note down the information you have.

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