Appraisal Reports

Residential Property

FNMA 1004

Uniform Residential Appraisal Report

This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD), based on an interior and exterior inspection of the subject property.

FNMA 1073

Individual Condominium Unit Appraisal Report

This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD), based on an interior and exterior.

FNMA 1004C

Manufactured Home Appraisal Report

This report form is designed to report an appraisal of a one-unit manufactured home; including a manufactured home in a planned unit development (PUD) based on an interior and exterior inspection of the subject property. A manufactured home located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal.

Multi-Family

FNMA 1025

Small Residential Income Property Appraisal

This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in a planned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.

FNMA 2006

One-Unit Residential Appraisal Desk Review Report  (Standard or Enhanced)

You can choose from a standard report or enhanced desk review. Standard appraisal review will analyze the creditability and methodology of appraisal along with verification of data. Enhanced will provide same analysis of standard desk review along with including 1-2 additional comparables within the report on a grid. The report is intended for spot-checking the appraisal component of its quality control process. This appraisal desk review report is intended to provide the lender/client with an opinion on the accuracy of the appraisal report under review.

FNMA 2000 or 2000A

One-Unit Residential Appraisal Field Review Report

A lender uses this form for the spot-check appraisal component of its quality control process. This appraisal field review report is intended to provide the lender/client with an opinion on the accuracy of the appraisal report under review.

Additional Forms, Products & Appraisal Reports

All appraisal reports and products can be ordered to meet FHA guidelines. This includes using only Certified FHA Roster Appraisers.

The Market Conditions Addendum (Form 1004MC) enhances the transparency of the market trends and conditions conclusions. The Market Conditions Addendum is required with all one- to four-unit property appraisals performed on or after April 1, 2009. This requirement applies to loans delivered to Fannie Mae. And applies whether the loans are underwritten manually or through Desktop Underwriter®.

The report is intended to determine the amount of operating income that can be used in evaluating the applicant’s credit on applications. This is specific for conventional mortgages that are secured by one-family investment properties and all two- to four-family properties. This includes those in which the applicant occupies one of the units as a principal residence.

This report form provides the lender/client with an accurate update of a prior appraisal and/or to report a certification of completion. The appraiser must identify the service(s) provided by selecting the appropriate report type.

The appraisal report obtains the market rent for a conventional single-family investment property from the appraiser. 

FNMA Guidelines

According to FNMA guidelines, appraisers are instructed to use the most recent version of all appraisal report forms. The appraiser needs to include any additional information. Added information can be in the form of an attachment or an addendum to the appraisal report form. This information is necessary when needing to adequately support the opinion of market value.

These forms should not limit or control the appraisal process. In fact, Fannie Mae’s appraisal report forms are provided to guide the appraisal and the process used to determine value. The appraiser’s analysis should not be limited by the standardized forms, but rather should be enhanced with additional comments and exhibits. These comments and exhibits are necessary to adequately describe the subject property, document the analysis and valuation process, or support the appraiser’s conclusions. In fact, the complexity of the appraisal assignment will be the criteria that determines the extent of the appraiser’s data collection and analysis that is inputted into the appraisal reports. See the full list of FNMA Appraisal Reports Here.

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