Form 1007 is the single-family rent schedule form for Fannie Mae and Freddie Mac (Form 1000).
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Real estate appraisers and professionals rely on Form 1007 for accurate rent schedules, primarily for single-family homes as per Fannie Mae and Freddie Mac standards.
This form plays a vital role in conducting market rent analyses that reflect the current market trends. Not just for single-family homes, it is often used for condos, townhouses, and various other rental properties.
We provide a fictional example of Form 1007 below. We’ve used made-up data to prevent any confusion.
Here is a link to download a blank form on FannieMae.com
Form 1007 Explained
Starting from the top left, you can see the subject property. This is the property that you are comparing to. The address is listed at the top, with the attributes further down the grid.
This form lists location/view, design and appeal, age/condition, room count, and GLA as the main characteristics to compare. They also have a space to adjust if utilities or furniture are included.
To the right of the subject property are the three rental comparables. These should be somewhat similar to the subject property and give a good indicator of the market rent for the subject property. If the appraiser feels adjustments are necessary, they can be made in the grid.
Below the comparables are the comment and reconciliation sections. The comparables, adjustments, and final value conclusion should be explained here.
At the bottom are the effective date and the estimated market rent.
