What is form 1007 on an appraisal?
Fannie Mae Form 1007 (8/88) Single-Family Comparable Rent Schedule. This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant difference between the comparables and the subject property.
What is a form 1007 or form 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.)
What is a 1007 in Mortgage?
Single-Family Comparable Rent Schedule (Form 1007): PDF. Page 1. SINGLE FAMILY COMPARABLE RENT SCHEDULE. This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property.
What is the difference between 1007 and 216?
Fannie Mae Form 1007 is used to provide an estimated market rent for the subject. Fannie Mae Form 216 is used to estimate the operating income associated with income-producing property.
What is form 216 on an appraisal?
The Operating Income Statement Report Form 216 is used on 1-4 income investment properties and 2-4 family owner-occupied properties.
What is a 2075 appraisal?
Desktop Underwriter’s enhanced risk assessment capability enables the use of the Desktop Underwriter® Property Inspection Report (Form 2075), which requires an exterior-only inspection of the subject property from the street by a state-licensed or state-certified appraiser without an estimate of market value for the …
What is included in a 1025 appraisal?
Small Residential Income Property Appraisal Report
- Basic information including address, legal description, owner’s and/or borrower’s names.
- Information on the contract for sale.
- Information pertaining to the size, shape, zoning and access to utilities as well as FEMA flood-zone information.
What is a 1007?
Single Family Rent Schedule (Form 1007) Typically the appraiser analyzes three rental properties that share or bracket significant rental characteristics with the subject property. Form 1007 is commonly requested by lenders when loans are being made on non-owner occupied properties.
What is a 1025?
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.
What is a 1025 216 appraisal?
Operating Income Statement (216) Form 216 is used on 1-4 income investment properties and 2-4 family owner-occupied properties. 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.
What is Form 216 used for?
Operating Income Statement (Form 216) The operating income statement is used by appraisers to estimate net income when appraising one-to-four unit investment properties. Form 216 deducts common expenses including vacancy loss estimates from gross income to establish an estimate of net income.
When do I need a 1007 appraisal form?
This form is usually required for non-owner occupied appraisal reports. Use of Form 1007: The lender uses this form to obtain the market rent for a conventional single-family investment property from the appraiser. This form must be printed on letter size paper, using portrait format.
Where can I find the Rea appraisal report form?
REA – Appraisal Form – FHLMC 1000, FNMA 1007 – Real Estate Appraisal From A to Z You can find this residential appraisal report form, along with a complete set of all residential appraisal forms, advice, updates and information on our web site at www.nemmar.com.
How to file an appraisal update and / or completion report?
Instructions Appraisal Update and/or Completion Report This report form is intended to provide 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.
What kind of appraisal is a 1025?
What type of appraisal is a 1025? 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.