MPF Announcement 2024-16

MPF Traditional – Rental Income Updates 

Effective Date: Immediately (unless otherwise noted)

Updated the following rental income requirements:

• Clarified requirements for documenting rental income used for qualifying and reconciling differences in the way income earned from subject (2–4-unit properties) and non-subject properties.  

• Updated the use of rental income that can be considered for qualifying purposes for non-subject rental properties that have become rental properties within the last 12 months (investment properties or two- to four-unit primary residences), with that of rental income earned from an eligible subject property. 

• Clarified the treatment of rental income when multiple rental properties are owned.

• Amended documentation requirements for lease agreements.

For additional information see MPF Traditional Selling Guide section 5.3.8. Rental Income.