I have a 2 detached home site condo that has both homes rented. The lender wants this completed on a 1073 form because they do not understand the concept of a multi-family site condo.
Anyone have any thoughts on form for this? Most of the information on a condo form do not apply where most of the information on a 1025 form do apply.
Help please!
Refer to Fannie Mae Selling Guide dated July 30, 2013 page 558.
List of Appraisal Forms
Appraisers must use the most recent version of the appraisal 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.
The following table lists Fannie Mae’s appraisal forms (see Single-Family Forms for a complete list):
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.
Page 559
Small Residential Income Property Appraisal Report (Form 1025)
For appraisals of two- to four-unit properties (including two- to four-unit properties in PUD,
condo, or co-op projects) based on interior and exterior property inspections.
