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Rent Survey vs. Appraised Value: Two Different Underwriting Questions | October 14, 2026
← Paul’s main website · Realtor & Builder Knowledge Center
Published October 14, 2026 · Realtors & Investors
By Paul Singh, Senior Mortgage Advisor · NMLS #406332
Educational guide. Sources checked October 14, 2026. Publication today does not mean a rule changed today.
Why both numbers matter
A property can have an attractive sale price and a rental estimate that does not support the buyer’s proposed financing. The market-rent analysis asks what rent the property can reasonably command. The valuation asks what the property is worth. Neither number guarantees the other.
Where Form 1007 fits
In Fannie Mae’s legacy appraisal framework, the Single-Family Comparable Rent Schedule, Form 1007, is required for a one-unit investment property when rental income is used to qualify. It is not a document that belongs in every conventional appraisal. The UAD 3.6 framework has its own reporting requirements; ask the lender which format applies. This conventional policy should not be treated as a universal DSCR rule.
A Realtor’s preparation checklist
Organize the current lease, proposed lease if applicable, property features, renovation details, and relevant rental comparisons for the lender’s review. Identify the source and date of each comparison. Distinguish an advertised asking rent from an executed lease. Let the lender and appraiser determine which evidence is acceptable.
Make the financing conversation concrete
Ask for two separate explanations: how the property value affects the available loan structure, and how the accepted rent affects qualification. If either number changes, request an updated analysis before renegotiating terms. Do not pressure an appraiser to reach a target value or rent.
Sources and next steps
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CFPB: valuation independence
The practical checklists above are suggested discussion points. Agency guidance applies to the specified program; individual lender terms and eligibility can differ. Linked lender examples are educational references, not a statement that every listed program is available through Paul or an endorsement by a government agency.
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General education, not a commitment to lend, rate quote, approval or personalized financial, legal or tax advice. Loans are subject to credit, property and underwriting review and applicable availability. Paul Singh · NMLS #406332 · Petra Cephas Inc. · NMLS #1222300 · Mortgage broker, not a lender. Equal Housing Opportunity.