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We have five different appraisal forms that can be used for manually underwritten mortgages, depending on either the type of property being appraised or the type of mortgage that is secured by the property. The appraiser must use our latest version of one of the following forms and include any other data -- either as an attachment or addendum to the appraisal report form -- needed to adequately support the opinion of market value:
| • | Uniform Residential Appraisal Report (Form 1004), for one-family properties and units in planned unit developments (including those that have an illegal second unit or accessory apartment that we will consider as acceptable security) that secure either first or second mortgages. Form 1004 may also be used for two-family 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 condominium 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 owners' association fees and the quality of the project maintenance; |
| • | Small Residential Income Property Appraisal Report (Form 1025), for two- to four-family properties (including those that are located in PUD projects); |
| • | Individual Condominium Unit Appraisal Report (Form 1073), for one-family properties that are units in condominium projects; |
| • | Individual Cooperative Interest Appraisal Report (Form 1075), for one-family properties that are units in cooperative projects; or |
| • | Desktop Underwriter Quantitative Analysis Appraisal Report (Form 2055), for one-family principal residences and second homes (including units in condominium and PUD projects), provided the appraiser inspects both the interior and exterior of the property. (If the property secures a Streamlined Purchase Money Mortgage Option 1, only the exterior of the property needs to be inspected.) |
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