Why Appraisal Forms and Exhibits Matter for Your Loan
When you apply for a mortgage, the appraisal serves as the lender's independent verification that the home is worth what you're paying for it. Fannie Mae sets strict rules about which forms appraisers must use and what supporting documentation they must include. These requirements protect both you and the lender by ensuring the appraisal meets consistent standards. The appraiser cannot simply fill out a form and call it done. They must provide enough detail and supporting evidence to justify their opinion of the home's value. If the property is complex or unusual, the appraiser needs to go beyond the basic form requirements and include additional analysis. Think of it this way: a cookie-cutter suburban home might need only the standard exhibits, while a custom-built house on a large lot would require more detailed documentation and explanation.
Required Appraisal Forms for Different Property Types
Your appraiser will use one of several Fannie Mae forms depending on your property type and loan situation. The most common is the Uniform Residential Appraisal Report (Form 1004) for standard single-family homes and condos. For investment properties, you might see Form 1025, the Small Income Residential Appraisal Report. This form focuses on the property's income-generating potential rather than just its value as a residence. Desktop and hybrid appraisals use modified versions of these forms. A desktop appraisal (Form 1004 Desktop) relies on public records and automated valuation models without a physical inspection. Hybrid appraisals (Forms 1004 Hybrid and 1073 Hybrid) combine limited property inspections with data analysis. If you're doing a construction loan or the appraiser needs to return after work is completed, they'll use Form 1004D for updates and completion reports.
What Exhibits Your Appraiser Must Include
Every appraisal must include specific supporting documents, regardless of the property type. These exhibits provide the visual and technical evidence that backs up the appraiser's value conclusion. The floor plan or footprint sketch shows the home's layout and helps calculate square footage. For most properties, a simple footprint sketch works fine. But if your home has an unusual layout or functional problems, the appraiser must provide a detailed floor plan with room labels and dimensions. A street map must show where your property sits relative to the comparable sales the appraiser used. This helps underwriters understand the neighborhood context and verify that the comparables are truly similar locations. Exterior photographs must show the front, back, and street scene of your property, plus the front of each comparable sale. These photos document the condition and character of the properties at the time of the appraisal. Interior photographs are required for key areas of your home. The appraiser must photograph the kitchen, all bathrooms, and at least one room from each level of the house. If your property has any physical problems or unusual features, those need photos too.
Special Requirements for Investment Properties
If you're buying a rental property and plan to use rental income to qualify for the loan, your appraiser must complete an additional form. The Single-Family Comparable Rent Schedule (Form 1007) analyzes what similar properties rent for in your area. This form becomes part of your loan file and helps the underwriter verify that your projected rental income is realistic. Without it, the lender cannot count rental income toward your qualifying ratios. The rental schedule requirement only applies when you're using rental income to qualify for the mortgage. If you're buying an investment property but qualifying based solely on your personal income, Form 1007 is not required for the appraisal.
Appraiser Certifications You Cannot Change
Every Fannie Mae appraisal form includes standard certifications where the appraiser swears to various facts about their work. These certifications are non-negotiable. The appraiser cannot delete them, modify them, or add limiting conditions that weaken them. The certifications cover critical points like the appraiser's independence, their physical inspection of the property, and their compliance with professional standards. Certification #23 specifically acknowledges that parties beyond the lender may rely on the appraisal, including you as the borrower, mortgage insurers, and secondary market investors. Appraisers can add extra certifications if needed. They might add certifications required by state law or related to their professional memberships. But these additions cannot conflict with or undermine the standard Fannie Mae certifications. Your lender reviews any additional certifications to make sure they don't create problems for the loan. If an appraiser tries to add limiting conditions that restrict how the appraisal can be used, your lender will likely reject the report.
When Appraisals Get More Complex
Some properties require more detailed analysis than others. If you're buying a unique home, a property with income potential, or something in a challenging market, expect your appraiser to go beyond the minimum requirements. The appraiser might need to include additional comparable sales, provide more detailed market analysis, or explain unusual features that affect value. Rural properties often require larger search areas for comparables and more explanation of market conditions. Properties with accessory dwelling units, home businesses, or unusual improvements need extra documentation. The appraiser must explain how these features affect marketability and value compared to typical homes in the area.
What Could Go Wrong
Incomplete exhibits are a common problem that can delay your loan closing. If the appraiser forgets required photos or provides a sketch that doesn't meet standards, your lender will send the report back for corrections. Poor photo quality creates issues too. Blurry images, photos taken in bad weather, or pictures that don't clearly show the property's condition can trigger requests for new photos. This adds time to your loan process. Appraisers sometimes try to add limiting conditions that restrict how their appraisal can be used. Fannie Mae prohibits this practice, so your lender will reject reports with unauthorized limitations. The appraiser will need to remove the limiting language and resubmit. For investment properties, missing the rental schedule form when it's required will stop your loan in its tracks. Make sure your appraiser knows upfront if you're using rental income to qualify, so they can include Form 1007 with the initial report.
References
For the official guidelines, see B4-1.2-01: Appraisal Report Forms and Exhibits in the Fannie Mae Selling Guide.
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Original Fannie Mae Guideline Text
B4-1.2-01, Appraisal Report Forms and Exhibits (09/03/2025)
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.
Uniform Residential Appraisal Report (
UAD Specification.Form 1004 Desktop)Form 1004 Hybrid)Form 1073 Hybrid)Form 1025)
For appraisal updates and/or completion reports for all one- to four-unit properties.
See
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.
Requirements
Floor plan or footprint sketch and calculations
A floor plan is required for the following:
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
for additional information.
For complete descriptions of a floor plan or footprint sketch, see
.
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.
Interior photographs
At a minimum, the appraisal report must include photographs of the following:
Appraisal Update and/or Completion Report (
)
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 (
)
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
.)
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 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 .
SEL-2022-03 SEL-2021-11
