Form 1007 is Fannie Mae's Single-Family Comparable Rent Schedule (Freddie Mac Form 1000): a one-page form on which the appraiser estimates the market rent of a single-family property from three comparable rentals. Under the legacy forms, the lender asked for it when a one-unit investment property was financed and the borrower used its rental income to qualify. For a Fannie Mae or Freddie Mac loan whose appraisal is submitted on or after November 2, 2026, the redesigned report is mandatory, the rent analysis goes in its Rental Information section, and in most situations no separate Form 1007 is completed.
What the form is, in its own words
The form's instructions say "the lender uses this form to obtain the market rent for a conventional single-family investment property from the appraiser," and that it "is prepared by the appraiser as an attachment to the appraisal." Its heading says it gives the appraiser a familiar format to estimate the market rent of the subject property, with adjustments made "only for items of significant difference" between the comparables and the subject.
Market rent is the rent the house would most likely command if offered for lease on the effective date, the date the opinion applies to. It is not the same as contract rent, the rent written in the current tenant's lease, and it is not an opinion of the property's value.
What the appraiser documents, line by line
The grid has a column for the subject and three for comparable rentals. For each comparable the appraiser reports:
- The address and its proximity to the subject.
- The date the lease begins and the date it expires.
- The monthly rent, less any utilities or furniture the rent includes, giving an adjusted monthly rent.
- The data source for the lease.
- Adjustments for rent concessions, location and view, design and appeal, age and condition, the above-grade room, bedroom and bath count, gross living area, and other features such as a basement.
- The net adjustment and the indicated monthly market rent.
Below the grid, the form asks for comments on the range of rents for single-family properties, an estimate of vacancy for single-family rentals, the general trend of rents and vacancy, and support for the adjustments. It adds that "rent concessions should be adjusted to the market, not to the subject property." The appraiser then writes a final reconciliation of market rent and signs.
The lease dates are the giveaway that this is a lease-based analysis. An asking rent on a listing has no lease date because no one has agreed to pay it. An automated rent estimate from a listing portal, like an automated value estimate, is not an appraisal.
Why the lender asks
Fannie Mae's Selling Guide, in its legacy-form text, lists Form 1007 as required when the property is a one-unit investment property and the borrower is using rental income to qualify, and not otherwise; lenders using UAD 3.6 follow its separate policy supplement. When rent from the subject property is used, the guide calls for "Form 1007 or Form 1025, as applicable, to support monthly gross rents," with a copy of the lease when one is being transferred to the borrower.
The schedule is also a check on the lease. The Selling Guide says that if current market rents do not reasonably support the gross rents on the lease, the lender must take further steps, and one of the options it lists is to use the lesser amount. That is the lender's underwriting decision, not the appraiser's; the appraiser reports market rent as found, whatever the lease says.
When the rent is not used to qualify, the lender still reports gross rent on a two- to four-unit principal residence or an investment property, and Fannie Mae's general rental income topic ranks the sources: first the appraisal report or Form 1007, if none is "dated 12 months or more prior to the date of the note," then an appraiser's opinion of market rent if the property is not currently rented.
How the comparables are chosen here
Comparables come from the same part of town and the same kind of house:
- Near the Claremont Colleges. Houses close to campus and the Village rent to a different pool than houses north of Foothill, so a lease from one is a weak comparable for the other.
- Along the Foothill corridor. Single-family rentals in La Verne and Upland rent to commuters who weigh the 210, so leases from the same corridor carry more weight than city-wide figures.
- Rancho Cucamonga rental houses. In Rancho Cucamonga, a house in one of the planned villages is compared with leases on similar floor plans, not with a large-lot home in Alta Loma or Etiwanda.
When a comparable differs from the subject, the adjustment is explained in the comments, as the form requires. When good leases are thin, the report says so.
Form 1007, Form 1025 and the redesigned report
Under the legacy forms, Form 1007 was for one unit, and a duplex, triplex or fourplex was reported on Form 1025, the Small Residential Income Property Appraisal Report, which carried its own rent schedule with each unit's lease dates, actual rent and opinion of market rent. The guide to appraising a duplex to fourplex covers that report, and the Pomona unit-count explainer shows why the number of legal units comes before any rent.
Both forms are retired for Fannie Mae and Freddie Mac reports submitted on or after November 2, 2026. Freddie Mac's redesign FAQ lists the Single-Family Comparable Rent Schedule (1007/1000) and the Small Residential Income Property Appraisal Report (1025/72) among the forms replaced by the redesigned Uniform Residential Appraisal Report. In most situations, it says, the legacy rent schedule "will not be completed separately," because estimating market rent is part of the appraisal assignment and goes in the Rental Information section. If a rent figure is needed after the report is finished, the original appraiser is engaged to amend the report; only in rare cases may a different appraiser complete the old form, which Freddie Mac notes "was never designed to be a standalone appraisal report." The same FAQ says the operating income statement (216/998) has been retired too.
A lender that cannot meet the mandate must request a policy exception from each GSE, and FHA, VA and USDA set their own plans, so ask the lender. What the redesigned URAR changes covers the transition.
A rent analysis without a loan
Owners setting rents, and trustees or heirs holding a rental in an estate, sometimes want the market rent documented without a lender in the picture. That is a standalone market rent analysis, with its intended use, what the report will be used for, and its intended users, the people entitled to rely on it, stated on the form. Where a lease or a rent rule constrains what the current tenant pays, the analysis notes it as a condition, not as legal advice. The full series is on the multi-family and market rent hub.
Reports are typically delivered three to five business days from the inspection. The fee is set by the scope of the assignment and quoted before work begins, and fees do not depend on the value. Send the address and the current lease through the market rent page, or call (909) 324-6122.
Sources
- Freddie Mac Form 1000 / Fannie Mae Form 1007, Single-Family Comparable Rent Schedule, with instructions (legacy form), accessed November 6, 2026
- Freddie Mac Form 72 / Fannie Mae Form 1025, Small Residential Income Property Appraisal Report (March 2005, legacy form), accessed November 6, 2026
- Fannie Mae Selling Guide B4-1.2-01, Appraisal Report Forms and Exhibits, accessed November 6, 2026
- Fannie Mae Selling Guide B3-3.8-02, Rental Income from the Subject Property, accessed November 6, 2026
- Fannie Mae Selling Guide B3-3.8-01, General Rental Income Information, accessed November 6, 2026
- Freddie Mac, UAD and Forms Redesign FAQs, accessed November 6, 2026
- California Bureau of Real Estate Appraisers, license lookup for Gordon Hall, AR003877, accessed November 6, 2026
- The Appraisal Foundation, Uniform Standards of Professional Appraisal Practice (USPAP), accessed November 6, 2026
Gordon Hall, California Certified Residential Real Estate Appraiser, BREA No. AR003877 (lookup: https://www2.brea.ca.gov/breasearch/faces/party/view.xhtml?id=23601). Reports are prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). Nothing here is legal or tax advice; admissibility is always the court's decision.
Frequently asked questions
What is a Form 1007 rent schedule?
Form 1007 is Fannie Mae's Single-Family Comparable Rent Schedule, Freddie Mac Form 1000. The appraiser uses it to estimate the market rent of a single-family property from comparable rentals, with each lease's dates, rent, utilities and adjustments shown, and attaches it to the appraisal.
When does a lender require Form 1007?
Under the legacy forms, Fannie Mae's Selling Guide requires it when the property is a one-unit investment property and the borrower is using rental income to qualify; otherwise it is not required. For Fannie Mae and Freddie Mac reports submitted on or after November 2, 2026, market rent is usually estimated in the redesigned report's Rental Information section instead.
Is the market rent on Form 1007 taken from leases or listings?
From leases. The form asks for the date each comparable lease begins and expires, which a listing ask cannot supply. Asking rents are what a landlord hopes for; signed leases are what a tenant agreed to pay.
Is Form 1007 still used after November 2, 2026?
Freddie Mac says the redesigned report is mandatory for new reports submitted on or after November 2, 2026, and that the legacy rent schedule is usually not completed separately because market rent goes in the Rental Information section. Keeping the old format needs a GSE policy exception, and FHA, VA and USDA set their own plans, so ask the lender.
