Fannie Mae Stopped Taking Leases. Freddie Mac Didn't.

Thinking about renting out your current home to buy the next one? Fannie Mae just changed the rules, and your signed lease no longer counts. For years the way to qualify was simple: hand your lender a signed lease and show the tenant's deposit hit your account. As of the September update, Fannie Mae's selling guide says lease agreements are not permitted for a departing residence. Not discouraged. Not permitted. Craig A. Garcia, President of Capital Partners Mortgage Services, and Bill Mei break down what replaced it, why the new departing residence rental income rule makes some files harder and other files genuinely easier, and the part most loan officers have not caught yet: Freddie Mac did not make the same change, so the old way is still on the table if you know where to send the file. What you'll learn: • What Fannie Mae accepts now instead of a lease, and the cheapest of the three options• The six months of reserves rule, and the one thing that makes it go away• Why family leases are specifically out• The hidden upside — you no longer need a tenant signed before you close• When to use Freddie Mac instead, and the experience requirement that comes with it Then the appraisal story. UAD 3.6 replaces every form you know — the 1004, the 1073 for condos, the 1025 — with one report that reshapes itself to the property. It is still mandatory November 2, 2026. What changed is that lenders can now request an exception and keep using today's forms into 2027. Some already have. One of our investors has until February. For the next few months, which appraisal your buyer gets depends on which lender they picked. Plus where mortgage rates actually are with the 10-year Treasury at its highest level in decades, and why putting $10,000 toward a rate buydown moves a monthly payment about two and a half times more than taking $10,000 off the price. Serving Broward, Miami-Dade, Palm Beach and all of Florida. ⏱ CHAPTERS0:00 "Not permitted"0:13 Welcome1:19 Two things that don't make the news but show up in your deal2:05 Fannie Mae doesn't want your lease anymore2:30 What replaced it: market rent, not the rent you negotiated3:43 Why family leases are out4:23 The rental report, and six months of reserves5:08 The part nobody caught: Freddie Mac didn't change7:27 UAD 3.6: every appraisal form becomes one form8:27 How far the appraisal exceptions run9:55 The Broward appraiser who decided to retire over it12:08 What it means for buyers and agents14:59 Rates — the 10-year at its highest in decades16:54 "Inflation is the enemy of your interest rate"17:59 Why $10,000 toward the rate beats $10,000 off the price21:12 Takeaways for agents, homeowners and buyers24:02 See you at the closing table 🎬 WATCH NEXTEvery episode of the South Florida Mortgage Report:https://open.spotify.com/show/5QxG2PzPd3W9pJFqQnLAPS?si=970xGc88SGaQaTmjkxpS7Q Subscribe: https://www.youtube.com/@craiggarciamortgage Craig A. Garcia, President — Capital Partners Mortgage ServicesNMLS #2332376 | Equal Housing Opportunity General information only, not a commitment to lend or underwriting advice. Guidelines change and the right answer depends on the file.