SUPERSEDED — prior version (Selling Guide edition published September 2, 2026) — Fannie Mae Selling Guide B3-3.4-11 — Notes Receivable Income
SUPERSEDED — this is the PRIOR text of Fannie Mae Selling Guide B3-3.4-11 (Notes Receivable Income), dated 03/04/2026, as published in the Selling Guide edition of September 2, 2026. Fannie Mae changed this topic: the edition published October 7, 2026 carries a revised text (SEL-2026-09 (October 7, 2026)). Retained because a loan or exam period governed by the earlier text needs the version in force at the time.
Superseded — retained for reference. The operative requirements have moved to the current rule (see the description above).
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Verbatim provisions from SUPERSEDED — prior version (Selling Guide edition published September 2, 2026) — Fannie Mae Selling Guide B3-3.4-11 — Notes Receivable Income — each quote is a verified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.
[SUPERSEDED] Fannie Mae Selling Guide B3-3.4-11 — Notes Receivable Income
B3-3.4-11, Notes Receivable Income (03/04/2026) The following table provides requirements for notes receivable income. Criteria Requirements Documentation The lender must obtain: • a copy of the note to establish the amount and length of payment, and • receipt of income for the most recent 12 months using sources including but not limited to: ⚬ bank statements, ⚬ canceled checks, or ⚬ evidence of other electronic receipt of payments. Income History • A minimum 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. • Payments on a note executed within the past 12 months, regardless of the duration, may not be used as stable income. Income Continuance The lender must document that income is expected to continue for at least three years from the note date. Determination of Qualifying Income The monthly income amount as documented above may be used as qualifying income.
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Source of record: https://claudeforcompliance.com/regs/fnma-sel-b3-3-4-11-superseded-2026/
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