source:
  type: guide
  id: fnma-sel-b4-1.2-01
  authority: Fannie Mae Selling Guide B4-1.2-01 — Appraisal Report Forms and Exhibits
  description: Fannie Mae Selling Guide B4-1.2-01 — Appraisal Report Forms and Exhibits.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-1.2-01-full
  canonical_id: fnma-sel-b4-1.2-01-full
  section: Fannie Mae Selling Guide B4-1.2-01 — Appraisal Report Forms and Exhibits
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-1.2-01 — Appraisal Report Forms and Exhibits
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B4-1.2-01, Appraisal Report Forms and Exhibits (09/03/2025)
      Introduction This topic contains information on appraisal report forms and exhibits,
      including: Scope of Work List of Appraisal Report Forms Exhibits for Appraisals
      Appraiser Certiﬁcations and Limiting Conditions Uniform Appraisal Dataset (UAD)
      3.6 Policy Scope of Work Appraisers must use the most recent version of the
      appraisal report forms and include any other information, either as an attachment
      or addendum to the appraisal report form, needed to adequately support the opinion
      of market value. Although the scope of work for the appraisal or the extent
      of the appraisal process is guided by Fannie Mae’s appraisal report forms, the
      forms do not limit or control the appraisal process. The appraiser’s analysis
      should go beyond any limitations of the forms, with additional comments and
      exhibits being used if they are needed to adequately describe the subject property,
      document the analysis and valuation process, or support the appraiser’s conclusions.
      The extent of the appraiser’s data collection, analysis, and reporting must
      be determined by the complexity of the appraisal assignment. List of Appraisal
      Report Forms Appraisal reports must be completed on one of the following Fannie
      Mae appraisal forms. Published May 6, 2026 530 Form Purpose Uniform Residential
      Appraisal Report (Form 1004) For traditional appraisals of one-unit properties
      and units in PUDs (including those that have an illegal second unit or accessory
      dwelling unit) based on an interior and exterior on-site physical inspection
      of the property by the appraiser. Form 1004 also may be used for two-unit properties,
      if each of the units is occupied by one of the co-borrowers as their 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 below-grade
      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. Uniform Residential Appraisal Report (Desktop) (Form 1004 Desktop)
      For appraisals of one-unit properties and units in PUDs (including those that
      have an illegal second unit or accessory dwelling unit) that are not based on
      an interior and exterior on-site physical inspection of the property by the
      appraiser. The property data may be collected through secondary data sources
      or by someone other than the appraiser. This form is not designed to report
      an appraisal for a manufactured home, or for a unit in a condo or co-op project.
      Appraisals reported on Form 1004 Desktop must be completed in accordance with
      the UAD Speciﬁcation. Uniform Residential Appraisal Report (Hybrid) (Form 1004
      Hybrid) For appraisals of one-unit properties and units in PUDs (including those
      that have an illegal second unit or accessory dwelling unit) that are based
      on interior and exterior property data collection. This form is not designed
      to report an appraisal for a manufactured home, or for a unit in a condo or
      co-op project. Appraisals reported on Form 1004 Hybrid must be completed in
      accordance with the UAD Speciﬁcation. Manufactured Home Appraisal Report ( Form
      1004C) For traditional appraisals of one-unit manufactured homes (including
      manufactured homes in a PUD, condo, or co-op project, and MH Advantage properties)
      based on interior and exterior property inspections. Individual Condominium
      Unit Appraisal Report ( Form 1073) For traditional 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.
      Published May 6, 2026 531 Form Purpose Individual Condominium Unit Appraisal
      Report (Hybrid) (Form 1073 Hybrid) For appraisals of one-unit (attached and
      detached) properties in condo projects that are based on interior and exterior
      property data collection. Appraisals reports on Form 1073 Hybrid must be completed
      in accordance with the UAD Speciﬁcation. Individual Cooperative Interest Appraisal
      Report ( Form 2090) For traditional appraisals of one-unit properties in co-op
      projects based on interior and exterior property inspections Small Residential
      Income Property Appraisal Report (Form 1025) For traditional 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. Appraisal
      Update and/or Completion Report ( Form 1004D) For appraisal updates and/or completion
      reports for all one- to four-unit properties. See B4-1.2-05, Requirements for
      Verifying Completion and Postponed Improvements for information about completion
      alternative methods for the Form 1004D. Exhibits for Appraisals The exhibits
      in the following table must accompany the appraisal report. It should be noted
      that, in addition to these requirements, the appraiser is expected to provide
      any additional attachments or addenda to the appraisal report necessary to provide
      an adequately supported opinion of market value. Published May 6, 2026 532 Exhibit
      Requirements Floor plan or footprint sketch and calculations A ﬂoor plan is
      required for the following: • all property data collections, • hybrid appraisals,
      • desktop appraisals, and • traditional appraisals when the layout of the dwelling
      unit(s) is atypical or functionally obsolete, limiting the appeal of the property
      in comparison to competitive properties in the market area. A footprint sketch
      can only be used for a traditional appraisal if the layout of the dwelling unit(s)
      is not atypical or functionally obsolete. A separate footprint sketch that includes
      legible exterior dimensions reported to the nearest tenth of a foot, and room
      labels must be provided for each additional structure. For a unit in an apartment/multifamily
      condo or co-op project building, the ﬂoor plan or footprint sketch of the unit
      must indicate interior perimeter unit dimensions rather than exterior building
      dimensions (dimensions and estimates for unit square footage(s) shown in the
      project documents are acceptable). See Above- and Below-Grade Area(s) in B4-1.3-05,
      Improvements Section of the Appraisal Report for additional information. For
      complete descriptions of a ﬂoor plan or footprint sketch, see E-3-06, Acronyms
      and Glossary of Deﬁned Terms: F. Street map A map showing the location of the
      subject property and the comparables that the appraiser used. Exterior photographs
      Clear, descriptive color photographs showing the front, back, and a street scene
      of the subject property and the front of each comparable. The subject and all
      comparables must be appropriately identiﬁed. Photographs of comparable rentals
      utilized in the Small Income Residential Appraisal Report (Form 1025) are not
      required. Published May 6, 2026 533 Exhibit Requirements Interior photographs
      At a minimum, the appraisal report must include photographs of the following:
      • the kitchen; • all bathrooms; • main living areas of the property (such as
      living room, family room, dining room, all bedrooms, etc.); • below-grade areas(s),
      including all ﬁnished and unﬁnished rooms; • examples of physical deterioration,
      if present; and • examples of recent updates, such as restoration, remodeling,
      and renovation, if present. Note: Interior photographs on proposed or under
      construction properties may be taken at the time of the completion inspection
      and included with Form 1004D. Appraisal Update and/or Completion Report ( Form
      1004D) At a minimum, when completing the Appraisal Update portion of the report,
      a photograph of the front of the subject property must be included. Single-Family
      Comparable Rent Schedule ( Form 1007) 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. (The lender may obtain this form for the purpose
      of reporting gross monthly rent at delivery. See Reporting of Gross Monthly
      Rent in B3-3.8-01, Rental Income.) Appraiser Certiﬁcations and Limiting Conditions
      Each Fannie Mae appraisal report form includes an appraiser’s certiﬁcation (and,
      if applicable, a supervisory appraiser’s certiﬁcation) and a statement of assumptions
      and limiting conditions. Appraisers may not add limiting conditions. The appraiser
      may not make changes or deletions to the existing certiﬁcations; however, the
      appraiser may make additional certiﬁcations that can be included on a separate
      page or form. Acceptable additional certiﬁcations might include: those required
      by state law; those related to the appraiser’s continuing education or membership
      in an appraisal organization; or those related to the appraiser’s compliance
      with privacy laws and regulations in the development, reporting, and storage
      of an appraisal and the information on which it is based. Lenders are responsible
      for reviewing any additional certiﬁcations made by appraisers to ensure that
      they do not conﬂict with Fannie Mae’s policies or standard certiﬁcations on
      Fannie Mae appraisal forms. The appraiser’s certiﬁcation #23 is an acknowledgment
      by the appraiser that certain parties to a mortgage Published May 6, 2026 534
      ﬁnance transaction that are not the lender/client and/or intended user may rely
      on the appraisal report. This certiﬁcation clariﬁes that such other parties
      include the borrower, another lender at the request of the borrower, the mortgagee
      or its successors and assigns, mortgage insurers, government-sponsored enterprises,
      and other secondary market participants. Fannie Mae will accept the following
      additional notice or statement when appraisers believe the lender/client is
      the only intended user: “The intended user of this appraisal report is the lender/client.
      The intended use is to evaluate the property that is the subject of this appraisal
      for a mortgage ﬁnance transaction, subject to the stated scope of work, purpose
      of the appraisal, reporting requirements of this appraisal report form, and
      deﬁnition of market value. No additional intended users are identiﬁed by the
      appraiser.” Uniform Appraisal Dataset (UAD) 3.6 Policy Lenders using UAD 3.6
      must follow the requirements in the UAD 3.6 Policy Supplement . Recent Related
      Announcements The table below provides references to recently issued Announcements
      that are related to this topic. Announcements Issue Date Announcement SEL-2025-07
      September 03, 2025 Announcement SEL-2025-04 June 04, 2025 Announcement SEL-2025-01
      February 05, 2025 Announcement SEL-2024-01 February 07, 2024 Announcement SEL-2023-02
      March 01, 2023 Announcement SEL-2022-09 October 05, 2022 Announcement SEL-2022-03
      April 06, 2022 Announcement SEL-2022-01 February 02, 2022 Announcement SEL-2021-11
      December 15, 2021 Published May 6, 2026 535 Announcements Issue Date Announcement
      SEL-2019-06 July 03, 2019'
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