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. ⏱ CHAPTERS 0:00 "Not permitted" 0:13 Welcome 1:19 Two things that don't make the news but show up in your deal 2:05 Fannie Mae doesn't want your lease anymore 2:30 What replaced it: market rent, not the rent you negotiated 3:43 Why family leases are out 4:23 The rental report, and six months of reserves 5:08 The part nobody caught: Freddie Mac didn't change 7:27 UAD 3.6: every appraisal form becomes one form 8:27 How far the appraisal exceptions run 9:55 The Broward appraiser who decided to retire over it 12:08 What it means for buyers and agents 14:59 Rates — the 10-year at its highest in decades 16:54 "Inflation is the enemy of your interest rate" 17:59 Why $10,000 toward the rate beats $10,000 off the price 21:12 Takeaways for agents, homeowners and buyers 24:02 See you at the closing table 🎬 WATCH NEXT Every episode of the South Florida Mortgage Report:    • South Florida Mortgage Report   Subscribe:    / @craiggarciamortgage   Craig A. Garcia, President — Capital Partners Mortgage Services NMLS #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.