Form 1007: The Comparable Rent Schedule
Program and regulatory figures verified September 17, 2026. Details change; confirm your scenario with us.
If you plan to keep the house you are leaving and rent it, this one form is what turns that plan into qualifying income.
What the form is
A Single-Family Comparable Rent Schedule. An appraiser identifies comparable rental properties near yours and reports what they actually rent for, producing an independent view of your property's market rent. It is the rental equivalent of a sales-comparison appraisal.
Fannie Mae requires it, or Form 1025 for two-to-four-unit properties, wherever a subject property will generate rental income used in qualifying.
Why a lender asks for it
Because your lease alone shows what one tenant agreed to pay, which is not the same as what the property is worth in the market. A lease can be above market, below market, or between relatives. The rent schedule is the check.
The lease still matters. For a principal residence converting to an investment property there is no tax return history showing it as a rental, so Fannie Mae B3-3.1-08 allows a fully executed current lease to document the income. Lease plus rent schedule is the pair.
How it changes a move-up purchase
It removes the dependency on selling. Instead of waiting for proceeds, you add documented income to your file and qualify for the new home on strength rather than timing. For Texas owners this matters more than in most states, because the homestead rules make borrowing against the departing house so much harder than it is elsewhere.
The full route is on keeping your current home as a rental.
Get the timing right
The lease generally needs to be executed, and the rent schedule ordered with the appraisal work. Both take time. Raising it on a first call costs nothing; raising it a week before closing can cost the transaction.
Your real estate agent handles the purchase paperwork and the offer itself. We handle the money: what you qualify for, how the equity gets used, and what the payment looks like.
Frequently asked questions
What is a Form 1007 rent schedule?
A Single-Family Comparable Rent Schedule. An appraiser reports what comparable nearby properties rent for, giving the lender an independent market-rent figure to support the income in your lease. It applies to one-unit properties; two-to-four-unit properties use Form 1025.
Do I need a lease and a Form 1007, or just one?
Generally both. The lease documents the income on a property with no rental tax history, which is the situation when a principal residence is converted to an investment property. The Form 1007 confirms the rent is consistent with the market.
Can rental income really help me buy before selling?
Yes, and it is one of the more powerful tools available to a move-up buyer. Rather than waiting on a sale, you document the departing home's rental income and qualify for the next property on that strength. In Texas, where borrowing against the homestead is tightly limited, this route gets used often.
Mike Certo · NMLS #260555 · Cornerstone First Mortgage NMLS #173855 · Equal Housing Lender. Educational content about financing, not a loan commitment and not legal, tax, or real estate advice. Texas homestead lending rules, property tax treatment, and loan limits change and depend on your facts; your real estate agent handles the purchase paperwork and your CPA or a Texas attorney handles legal and tax questions. Loans are subject to borrower and property qualification.