Fannie Mae Selling Guide B3-3.4-04 — Boarder Income
Fannie Mae Selling Guide B3-3.4-04 — Boarder Income.
Verbatim regulatory text
Verbatim provisions from Fannie Mae Selling Guide B3-3.4-04 — Boarder Income — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Fannie Mae Selling Guide B3-3.4-04 — Boarder Income
B3-3.4-04, Boarder Income (03/04/2026) The following table provides requirements for boarder income. Criteria Requirements Eligibility Income from boarders residing in the borrower’s principal residence or second home is not considered acceptable stable income with the exception of the following: • When a borrower with disabilities receives rental income from a live-in personal assistant, whether or not that individual is a relative of the borrower, the rental payments can be considered as acceptable stable income in an amount up to 30% of the total gross income that is used to qualify the borrower for the mortgage loan. Personal assistants typically are paid by Medicaid Waiver funds and include room and board, from which rental payments are made to the borrower. • The HomeReady mortgage eligibility requirements include an additional exception. See Chapter B5-6, HomeReady Mortgage. Documentation The lender must obtain: • the boarder's history of shared residency (such as a copy of a driver's license, bills, bank statements, or W-2 forms) that shows the boarder's address as being the same as the borrower's address, and • receipt of income for the most recent 12 months using sources including, but not limited to: ⚬ bank statements ⚬ cancelled checks, or ⚬ evidence of other electronic receipt of payments. Income History • A minimum of 12-month history is required. • The payment history must demonstrate the stability of the income, as reflected in the receipt of full, regular, and timely payments. Income Continuance Lenders are not required to verify continuance unless they have reason to believe the income may not continue. Criteria Requirements Determination of Qualifying Income The monthly income amount as documented above may be used as qualifying income. Announcement Issue Date
Operationalizing Fannie Mae Selling Guide B3-3.4-04 — Boarder Income
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Source of record: https://claudeforcompliance.com/regs/fnma-sel-b3-3-4-04/
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