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Fannie Sellling Guide

B4-1.2-06, Appraisal Forms and Report Exhibits (09/27/2011)

The following table lists Fannie Mae's appraisal forms (see Single-Family Forms for a complete list):

Form Purpose

Uniform Residential Appraisal Report (Form 1004) For appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory apartment) based on interior and exterior property inspections. Form 1004 also may be used for two-unit properties, if each of the units is occupied by one of the co-borrowers as his or her principal residence or if the value of the legal second unit is relatively insignificant in relation to the total value of the property (as might be the case for a basement unit or a unit over a garage). In addition, appraisals for units in condo projects that consist solely of detached dwellings may be documented on Form 1004, if the appraiser includes an adequate description of the project and information about the homeowners' association fees and the quality of the project maintenance. Appraisals reported on Form 1004 must be completed in accordance with the UAD Specification .

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Q: What appraisal form should a detached condominium be on?
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