source:
  type: guide
  id: fnma-sel-b3-3.4-11
  authority: Fannie Mae Selling Guide B3-3.4-11 — Notes Receivable Income
  description: Fannie Mae Selling Guide B3-3.4-11 — Notes Receivable Income.
  coverage_tier: operative
obligations:
- id: fnma-sel-b3-3.4-11-full
  canonical_id: fnma-sel-b3-3.4-11-full
  section: Fannie Mae Selling Guide B3-3.4-11 — Notes Receivable Income
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B3-3.4-11 — Notes Receivable Income
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: '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. Recent Related Announcements
      Published May 6, 2026 350 The table below provides references to recently issued
      Announcements related to this topic. Announcements Issue Date Announcement SEL-2026-02
      March 04, 2026'
  judgment: false
