Recently Purchased Rental Property Income
Fannie Mae now has a distinct rule for non-subject investment properties purchased within 45 days of the subject property's application date.
45-day category
The September 2, 2026 Selling Guide created a dedicated treatment for qualifying rental income from investment properties purchased within 45 days of the subject application.
Documentation
Fannie requires a current housing payment and market-rent documentation. Its current rule does not permit a lease agreement to determine rent for this specific category.
Calculation
Current Fannie guidance applies 75% to monthly gross market rent and subtracts PITIA to determine adjusted net rental income.
Positive income limitation
Under this specific rule, positive adjusted net rental income may offset PITIA only; a negative amount is included in DTI.
The new 45-day rule is unusually specific
For qualifying non-subject investment property purchased within 45 days of subject application, Fannie prohibits using a lease to determine rent and limits a positive ANRI result to offsetting PITIA.
Documents I would gather before calculating rental income
Current mortgage statements/PITIA for every retained property; Schedule E and applicable tax returns; leases; purchase closing statements and acquisition dates; appraisals or rent schedules when applicable; proof of current housing payments; insurance/HOA information; entity documents if an LLC is involved; and evidence of reserves. The correct calculation depends on what the property is and when/how it was acquired.
Common investor-loan mistakes
Calling 75% of rent 'income' without subtracting PITIA; using a lease when current agency policy requires another rent source; adding positive rental income when it is only allowed to offset housing expense; confusing cap rate with DSCR; applying a private investor's seasoning rule to Fannie/Freddie; and assuming an LLC-owned mortgage is counted the same as a personally obligated mortgage.
Primary sources to verify
- Fannie Mae — General Rental Income
- Fannie Mae — Investment Property Purchased Within 45 Days
- Fannie Mae — Multiple Financed Properties
- Freddie Mac — Investment Property Mortgages
Last reviewed September 15, 2026.
How I would underwrite the scenario step by step
1. Identify agency conventional versus private DSCR/portfolio financing. 2. Build a complete real-estate-owned schedule with ownership, mortgage obligation, PITIA, rent, acquisition date and entity vesting. 3. Determine the permitted rental documentation for each property. 4. Calculate each rental separately under the applicable rule. 5. Count financed properties and calculate required reserves. 6. Review property/project eligibility, LTV, credit and cash-out/seasoning. 7. Only then compare pricing and decide which loan structure best fits the investor's strategy.
This sequence prevents a strong-looking property from being qualified with the wrong income methodology. For investors with several rentals, one incorrectly treated property can change DTI, reserves, financed-property count or even product eligibility.