Fannie Mae Condo Form
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People also ask fannie mae condo questionaire
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What is the Fannie Mae 1007 form used for?
Recently, Fannie Mae has received many questions about the Single-Family Comparable Rent Schedule (Form 1007). It enables the appraiser to document the estimation of monthly market rent for the subject property when completing an appraisal on a single-family investment property for conventional lending.
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Do condos have to be Fannie Mae approved?
Technically, you don't need to meet Fannie Mae requirements if you're not financing. But even if you're not financing your condo, it's still important to keep your condo project Fannie Mae-compatible.
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What is Fannie Mae form 1076?
The Condominium Project Questionnaire (Form 1076) helps lenders collect data to determine condo project eligibility. This form is optional; however, lenders are encouraged to use and retain the form in the loan file.
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Which form is used for condo appraisals for Fannie Mae and FHA?
Property TypeForm Individual condominium unit Individual Condominium Unit Appraisal Report Fannie Mae Form 1073 Freddie Mac Form 465 Manufactured home Manufactured Home Appraisal Report Fannie Mae Form 1004C Freddie Mac Form 70B3 more rows
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What appraisal form is used for FHA loans?
The difference is that 1004 FHA appraisal will be only required in the event that someone is purchasing a home using an FHA loan. As you can expect, a 1004 FHA appraisal is slightly more detailed as it includes a list of required FHA repairs. An FHA appraisal is completed on an FNMA 1004 form.
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What is Fannie Mae form 1073?
Appraisals reported on Form 1073 must be completed in ance with the UAD Specification. For appraisals of one-unit (attached and detached) properties in condo projects that are based on interior and exterior property data collection.
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What is a 1073 appraisal form used for?
The main purpose of a 1073 Appraisal is to provide an unbiased and professional estimate of the fair market value of a condominium, cooperative unit, or Planned Unit Development (PUD). This information is typically used by lenders to help determine the maximum loan amount they are willing to lend on a property.
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What is the difference between a 1004 and a 1004C appraisal?
Like the 1004 and 1073 forms, the 1004C is also for residential properties but of a different sort. The 1004C form is for manufactured homes. Many of the fields are similar to the single-family and condo forms, but many are specific to manufactured homes.
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