General World News

Fannie Mae Selling Guide updates include qualifying income, self-employment history changes

Fannie Mae on Wednesday released its October 2023 update to its Selling Guide, aiming to reflect changes in the mortgage industry, its surrounding regulatory environment and Fannie Mae policy positions.

The first update is a change to the documentation requirements for rental income that is used in a qualifying decision.

“We updated our policies for rental income to address various questions received from lenders,” the update explained. “These changes provide additional details for documenting rental income used for qualifying and reconciles differences in the way income earned from subject and non-subject properties is determined.”

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