Fannie Mae Comparative Analysis Form Guide
This file provides detailed instructions on filling out Fannie Mae's Comparative Income Analysis Form (Form 1088). It outlines the steps to calculate percentage changes in gross income, expenses, and taxable income. Ideal for lenders and financial analysts who need to assess business performance over multiple years.
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How do I fill this out?
To fill out this form, start by entering the gross income figures for each year. Next, calculate the percentage changes for income and expenses from year to year. Make sure to follow the defined instructions for taxable income to ensure accuracy.
How to fill out the Fannie Mae Comparative Analysis Form Guide?
1
Enter the gross income for each year as indicated.
2
Calculate the percentage change in gross income between years.
3
Input the expense figures for each corresponding year.
4
Determine the percentage of expenses relative to gross income.
5
Calculate the taxable income and its percentage change from the previous year.
Who needs the Fannie Mae Comparative Analysis Form Guide?
1
Lenders who need to assess the financial health of a borrower.
2
Accountants conducting financial analyses for businesses.
3
Small business owners applying for loans or credit lines.
4
Financial analysts reviewing business performance trends.
5
Tax professionals assisting clients with income tax preparation.
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What are the instructions for submitting this form?
Submit this form via email to Fannie Mae's specified address or through their online portal. Ensure to attach any supporting documents requested in the application process. For fax submissions, use the designated number provided in your guidelines.
What are the important dates for this form in 2024 and 2025?
The Fannie Mae Comparative Analysis Form is relevant for submissions due by March 31, 2024, and March 31, 2025, regarding annual business income assessments.
What is the purpose of this form?
The purpose of the Fannie Mae Comparative Analysis Form is to provide a standardized way for lenders to assess a borrower's business income trends. This form enables the analysis of income fluctuations over several years, helping to make informed lending decisions. It assists small business owners in demonstrating their financial stability and growth to lenders.
Tell me about this form and its components and fields line-by-line.
- 1. Gross Income: Total sales minus returns and allowances.
- 2. Expenses: Cost of goods sold and total deductions.
- 3. Taxable Income: Net profit or loss based on corresponding IRS forms.
What happens if I fail to submit this form?
Failure to submit this form may result in delays or difficulties in the approval process for a loan. Inaccurate or incomplete submissions can lead to a rejection of the application. It is crucial to adhere to the deadlines and requirements outlined by Fannie Mae.
- Loan Approval Delays: Incomplete forms can cause significant delays in loan processing.
- Financial Assessment Issues: Errors can lead to incorrect analyses of your business's financial health.
- Increased Scrutiny: Frequent inaccuracies may lead to closer examinations on future submissions.
How do I know when to use this form?
- 1. Loan Applications: Use this form to present your financial status for loan requests.
- 2. Tax Preparation: Essential for documenting income on business tax filings.
- 3. Financial Reviews: Necessary for lenders to evaluate the business's financial history.
Frequently Asked Question
How do I fill out the Comparative Analysis Form?
You fill out the form by entering your income and expense figures for each relevant year.
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How do I access the Taxable Income Trend?
You can find the Taxable Income Trend section within the Comparative Analysis Form.
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Are there templates available for this form?
Yes, you can find templates for Fannie Mae forms on various financial websites.
How do I share the PDF after editing?
You can generate a shareable link or download the document to distribute via email.
What types of businesses benefit from this form?
Any business needing to present income analysis to lenders can benefit from this form.
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