What is a Form 1025 appraisal?
The Small Residential Income Property Appraisal Report (FHLMC 72/FNMA 1025) is for the appraisal of two- to four-unit properties, including properties in PUD, condo or co-op projects. Data indicating physical characteristics of the subject property such as age, materials and condition.
What appraisal form is used for a manufactured home?
Form 1004C
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.
Do you need a 1007 with a 1025?
Lease Agreements or Form 1007 or Form 1025: When current lease agreements or market rents reported on Form 1007 or Form 1025 are used, the lender must calculate the rental income by multiplying the gross monthly rent(s) by 75%. (This is referred to as “Monthly Market Rent” on the Form 1007.)
Do manufactured homes appraise well?
In our experience, manufactured homes tend to appraise for far less than standard homes because the appraisals are so difficult, because financing is more difficult to obtain, and because of a stigma that seems to be attached to manufactured homes (justified or not).
What is appraisal form 1004D?
Fannie Mae Form 1004D March 2005. The purpose of this report form is to provide the lender/client with an accurate update of an appraisal and/or to report a certification of. completion. The appraiser must identify the service(s) provided by selecting the appropriate report type.
What is Form 1007 on an appraisal?
The form is prepared by the appraiser as an attachment to the appraisal for a single-family investment property. The form is designed to present the information needed to determine the market rent for a single-family property. It calls for information on the physical structure, location, and lease terms.
What is a 1025 form used to appraise?
The Two-to-Four Unit Residential Appraisal-1025 Form is used to appraise two-to-four unit residential properties. The 1025 Report provides analysis of competitive listings, cost approach, an analysis of competitive rents, and a sales comparison analysis. Included in the attachments: Contact Us Today to SAVE on Appraisal Services!
Do I need a 1007 form to file an appraisal?
At a minimum, when completing the Appraisal Update portion of the report, a photograph of the front of the subject property must be included. Required if the property is a one-unit investment property and the borrower is using rental income to qualify. Otherwise, Form 1007 is not required.
What is a 2 to 4 unit appraisal form?
The Two-to-Four Unit Residential Appraisal-1025 Form is used to appraise two-to-four unit residential properties. Description of Two-to-Four Unit Residential Appraisal-1025 Form: The 1025 Report provides analysis of competitive listings, cost approach, an analysis of competitive rents, and a sales comparison analysis. Included in the attachments:
What is a 1073 appraisal?
Individual Condominium Unit Appraisal Report : For appraisals of one-unit properties in condo projects based on interior and exterior property inspections. Appraisals reported on Form 1073 must be completed in accordance with the UAD Specification. Individual Cooperative Interest Appraisal Report