Why Appraisal Exhibits Matter for Your Loan
When you apply for a mortgage, the appraisal serves as the lender's independent verification of your home's value and condition. The exhibits — photographs, sketches, and maps — provide the visual evidence that supports the appraiser's conclusions about your property's worth.
Fannie Mae requires specific exhibits because they want consistent, thorough documentation across all appraisals. This protects both you and the lender by ensuring the appraiser has captured all the details that affect your home's value.
The type and number of exhibits depend on what kind of appraisal inspection was performed. A full interior and exterior inspection requires the most documentation, while an exterior-only appraisal needs fewer exhibits.
What Photos Your Appraiser Must Take
For a standard interior and exterior appraisal, your appraiser must photograph specific areas of your home. The front and rear views show the overall condition and curb appeal. The street scene helps establish the neighborhood context that affects value.
Inside your home, the appraiser photographs the kitchen, all bathrooms, and all main living areas including family rooms and living rooms. They also document any basement areas, whether finished or unfinished.
Say you have a finished basement with a recreation room and an unfinished storage area. The appraiser must photograph both spaces because they contribute differently to your home's value and marketability.
The appraiser also takes additional photos of any physical deterioration, improvements, or external factors that materially impact value. This might include a new deck, foundation cracks, or a busy road adjacent to your property.
Building Sketches and Measurement Requirements
Most appraisals require a building sketch with perimeter dimensions and area calculations. For single-family homes, condominiums, and manufactured homes, these measurements must follow the American National Standards Institute (ANSI) guidelines.
The ANSI standard defines finished living area as space that is above grade, enclosed, heated, has at least seven-foot ceilings, and is accessible from other finished areas. Your appraiser measures the exterior walls and calculates the total finished square footage.
Consider a two-story home with a finished basement recreation room. The main and second floors count as finished living area if they meet ANSI standards. The basement recreation room, even if beautifully finished, gets reported separately as below-grade finished area because any portion below ground level disqualifies it from the main living area calculation.
If your home has unusual features like a room with six-foot ceilings or an unfinished area above the garage accessible from inside, these get special treatment. The low-ceiling room becomes "non-standard finished area" and the unfinished space gets noted in additional features.
Different Rules for Different Appraisal Types
Desktop appraisals require fewer interior photos but still need building sketches and floor plans. The appraiser doesn't inspect your home personally but relies on existing photos and data to complete the valuation.
Hybrid appraisals combine an appraiser's analysis with a separate property data collector who visits your home. These require comprehensive interior photos including all bedrooms, which standard interior appraisals don't specifically mandate.
Exterior-only appraisals need minimal exhibits — just a front view photo and location map. The appraiser never enters your home and bases the valuation on exterior observation and comparable sales data.
When Floor Plans Are Required
Floor plans showing interior walls, doorways, and room labels are required when your property is "atypical" or functionally obsolete compared to competing homes in your area. This typically applies to homes with unusual layouts that might limit market appeal.
A home with bedrooms accessible only through other bedrooms, or a kitchen located in what would normally be a living room, might trigger the floor plan requirement. The appraiser needs to document these layout quirks because they affect how buyers perceive and value your home.
For two-to-four unit properties, floor plans are always required for each unit because rental income calculations depend on understanding the layout and functionality of each living space.
Property Data Reports Need Everything
Property Data Reports (PDRs) used in hybrid appraisals require the most comprehensive photo documentation. The data collector must photograph every interior room including foyers, utility rooms, laundry areas, and any attic space accessed by permanent stairs.
They also document both directions of the street scene and photograph any significant outbuildings like detached garages or accessory dwelling units. This thorough documentation helps the appraiser who never visits your property understand every aspect that might affect value.
Common Issues That Complicate Exhibits
Appraisers sometimes cannot follow ANSI measurement standards due to access limitations or safety concerns. When this happens, they must include a specific identifier code and explanation in the appraisal report along with an ANSI departure declaration.
For example, if your home has areas the appraiser cannot safely measure due to structural damage, or if they're appraising a proposed home based on plans rather than completed construction, they must document this departure from standard procedures.
Multiple listing service photos are acceptable for comparable sales, but all subject property photos must be original images taken by the appraiser or data collector. This ensures the photos accurately represent current conditions rather than potentially outdated marketing images.
What Happens During Appraisal Updates
When you need an appraisal update after the original report, the exhibits depend on what has changed. If you completed repairs or renovations, the appraiser must photograph the completed work to verify the improvements were made as specified.
For new construction completion reports, comprehensive interior and exterior photos are required just like a standard appraisal. However, if the original appraisal photos still accurately represent your property's condition, new photos may not be necessary.
Manufactured homes require special documentation including HUD data plates and certification labels that verify the home meets federal construction standards.
References
For the official guidelines, see 5604.2: Exhibits and addenda for appraisal reports and PDRs in the Fannie Mae Selling Guide.
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Original Freddie Mac Guideline Text
Bulletin 2025-7
, which announced the policy requirements for Uniform Appraisal Dataset (UAD) 3.6. Sellers may submit to the Uniform Collateral Data Portal
®
appraisal reports that use UAD 3.6 before the mandatory effective November 2, 2026 version of this section.
This section contains:
Exhibit documentation requirements
Exhibits required for appraisal reports with interior and exterior inspections
Exhibits required for desktop appraisal reports
Exhibits required for hybrid appraisal reports
Exhibits required for appraisal reports with exterior-only inspections
Exhibits required for appraisal updates and completion reports
Other necessary exhibits and addenda for appraisal reports
Exhibits required for a PDR
Each appraisal report must meet the applicable requirements and include the exhibits specified based on the type of property inspection or appraisal form type, as described below. Each PDR must meet the applicable requirements and include the exhibits specified, as described below.
(a)
(i)
Photographs
Photographs of the subject property must be original color images that accurately depict the property. The photographs must be clear, be appropriately identified and clearly show the improvements, including any physical deterioration of the property, Amenities, conditions or external influences that have a material effect on the market value or marketability of the subject property.
Photographs of the comparable sales must be clear images. Copies of multiple listing service photographs are acceptable.
(ii)
When required, the
building sketch
must include:
Perimeter dimensions with calculations that reflect the measured areas of the dwelling unit(s)
All levels of the dwelling unit(s)
A separate building sketch for each additional structure on the subject property
When required, the
floor plan
must include:
Section 5605.5(c)
for additional guidance on unusual floor plans.
(A)
Requirements for building sketches, compliance with American National Standards Institute Standard, Square Footage – Method for Calculating: (ANSI
®
Z765) (ANSI Standard) for measuring the subject property and floor plan requirements
Requirements for building sketches, compliance with the ANSI Standard for measuring the subject property and floor plans are in the table below.
When ANSI-compliant measurement is required, the ANSI Standard that is current as of the appraisal report effective date, or the date of the PDR, must be utilized for measuring, calculating and reporting areas outlined in
Section 5604.2(a)(ii)(B)
below.
ANSI compliance and floor plan requirements by property type
Inspection or data collection type
Building sketch and measurement requirements
1-unit property, including:
With an ADU
Detached Condominium Units, if the appraiser includes information about the Condominium Project and its condition
Excluding:
Attached Condominium Units
Form 70, Uniform Residential Appraisal Report
3
1
Form 70D, Uniform Residential Appraisal Report (Desktop)
None
Building sketch required.
ANSI-compliant measurement not required.
Required
Form 70H, Uniform Residential Appraisal Report (Hybrid)
Interior/exterior property data collection with a PDR
3
1
Form 2055, Exterior-Only Inspection Residential Appraisal Report
1
Condominium Unit, including:
Detached Units
Form 465, Individual Condominium Unit Appraisal Report
Building sketch required
ANSI-compliant measurement required for detached units only
2,3
1
Form 465H, Individual Condominium Unit Appraisal Report (Hybrid)
Interior/exterior property data collection with a PDR
3
1
Form 466, Exterior-Only Inspection Individual Condominium Unit Appraisal Report
1
Manufactured Home, including in a:
Condominium Project
Form 70B, Manufactured Home Appraisal Report
3
1
2- to 4-unit property, including a 2- or 3-unit property with an ADU
Form 72, Small Residential Income Property Appraisal Report
Interior/ exterior
Building sketch required and must include:
2
Cooperative Share Loan, including:
Detached Units
Fannie Mae Form 2090, Individual Cooperative Interest Appraisal Report
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2,3
1
Any, as required by the original appraisal
Form 442, Appraisal Update and/or Completion Report
1
Required if the subject property is atypical or functionally obsolete leading to limited market appeal in comparison with competitive properties in the Market Area.
2
Not required for a Condominium Unit or a Cooperative Unit in a garden, mid-rise or high-rise building or for apartment/multifamily buildings. Instead, the appraiser may measure the unit or building(s) or rely on the dimensions and estimates of square footage as shown on the plat, exhibits of Project Documents, floor plans or individual unit plats that include the dimensions and calculations.
3
When sketching or 3D scanning software is used, the resulting output must also conform to the ANSI Standard.
(B)
Measurement terminology and appraisal reporting
The following table lists the terms required for areas measured and calculated using the ANSI Standard and identifies where those identified areas are reported on the appraisal report forms.
1
Finished area
Finished above-grade area as defined by the ANSI Standard.
Used for calculating and reporting living area
Rooms in the finished area must be included in the above-grade room count
Must be reported on the appraisal report in all Gross Living Area fields, including, as applicable:
Non-standard finished area (NSFA)
Finished above-grade area that does not meet the ANSI Standard for finished area.
Example:
An area with a maximum ceiling height of six feet does not meet the ANSI Standard of having a minimum ceiling height of seven feet.
Must be reported as NSFA on the appraisal report on the first blank line of the Sales Comparison Approach adjustment grid, when applicable
Rooms located in NSFA must be included in the room counts in the Improvement section and in the Sales Comparison Approach grid of the appraisal report to comply with Uniform Appraisal Dataset requirements, when applicable
The FEATURE column of the Sales Comparison Approach grid must include “NSFA” when used to report non-standard finished area
There must be no other entries on this Sales Comparison Approach row when it is used to report NSFA
Below-grade/basement area, finished and unfinished area
The ANSI Standard considers a level to be below grade if any portion of it is below grade, regardless of the quality of finish or the window area of any room.
Therefore, any below-grade area, irrespective of whether the basement has finished area, would not be included in the above-grade finished area or room count.
Below-grade finished and unfinished areas and rooms must be reported on the Basement & Finished Rooms Below Grade lines of the Sales Comparison Approach adjustment grid, when applicable.
Above-grade unfinished area
Above-grade area that is accessible from the interior finished area of the dwelling and does not meet the ANSI definition of finished area or non-standard finished area.
Example:
An unfinished/storage area over an attached garage that is accessed from the hallway of the second floor of the dwelling.
These features and their associated finished and unfinished areas should be reported on the Additional Features field on page 1 of the appraisal report, and adjusted for in the Sales Comparison Approach grid, as appropriate
Measured areas must be reported separately from the primary dwelling’s measured areas, except for an attached ADU, which follows the ANSI Standard for finished and unfinished areas, as applicable
Attached and detached ADUs
ADU finished and unfinished areas, as defined by the ANSI Standard, must be measured and calculated using the ANSI Standard.
Detached structures
Detached structures that are independent of the Primary Residence are not measured and calculated using the ANSI Standard.
1
The requirements for reporting the ANSI-measured areas (e.g., finished above-grade area, NSFA, etc.) in prescribed fields on the appraisal report do not apply to the PDR.
(C)
ANSI adherence and declarations
If adherence to the ANSI Standard is not possible, the appraisal report must include:
The identifier “GXX001-” at the beginning of the Additional Features field,
An explanation that addresses the lack of adherence, and
One of the ANSI-prescribed declarations that address departure from the ANSI Standard
Examples that would require the use of an ANSI departure declaration include:
Dwelling measurements are made without an interior inspection
Area calculations for a proposed dwelling are based on plans and specifications
Direct physical measurement of the dwelling dimensions is not possible
(iii)
Location map
The location map must identify the location of the subject property and of any comparable properties identified in the appraisal report, including closed sales, closed rentals and properties listed for sale or rent, as applicable.
(b)
Exhibits required for appraisals with interior and exterior inspections
Appraisal reports with interior and exterior inspections (
,
70B
,
72
and
465
and
(PDF 5mb opens in new window)
) must include:
Exhibits required for appraisal reports with interior and exterior inspections
Rear view of the subject property
Street scene identifying the location of the subject property and showing neighboring improvements
All bathrooms of the subject property
All main living areas of the subject property, including all gathering rooms
All basement areas of the subject property, including unfinished and finished areas
Additional photographs, as needed, to show any physical deterioration, improvements, Amenities, observed conditions or external influences that materially impact the market value or marketability of the subject property
Photographs of comparable sales
At least one photograph that shows the front of each comparable sale
Additional photographs, as needed, to show the improvements, Amenities or external influences that materially impact the market value or marketability of the subject property
Building sketch and floor plan
Building sketch and floor plan that meets the requirements in
Location map
Location map that meets the requirements in
(c)
Exhibits required for desktop appraisal reports
) must include:
Exhibits required for desktop appraisal reports
Rear view of the subject property
Street scene identifying the location of the subject property and showing neighboring improvements
All bathrooms of the subject property
All main living areas of the subject property
Photographs of comparable sales
At least one photograph that shows the front of each comparable sale
Building sketch and floor plan
Building sketch and floor plan that meets the requirements in
Location map
Location map that meets the requirements in
(d)
Exhibits required for hybrid appraisal reports
Forms 70H
and
465H
) must include:
Exhibits required for hybrid appraisal report
Rear view of the subject property
Street scene identifying the location of the subject property and showing neighboring improvements
All bathrooms of the subject property
All main living areas of the subject property, including all gathering rooms
All bedrooms of the subject property
All basement areas of the subject property, including all unfinished and finished areas
Additional photographs, as needed, to show any physical deterioration, improvements, Amenities, observed conditions or external influences that materially impact the market value or marketability of the subject property
Photographs of comparable sales
At least one photograph that shows the front of each comparable sale.
Note: A photograph from a multiple listing service is acceptable, and, notwithstanding the prohibition in
Section 5603.4(8)
, the appraiser may rely on comparable sales that were not personally inspected by the appraiser.
Building sketch and floor plan
Building sketch and floor plan that meet the requirements in
Location map
Location map that meets the requirements in
(e)
Exhibits required for appraisal reports with exterior-only inspections
Appraisal report based on an exterior-only inspection (
Forms 466
and
2055
) must include:
Exhibits required for appraisal reports with exterior-only inspections
Photographs of the subject property
At least one photograph that shows the front view of the subject property
Location map
Location map that meets the requirements of
(f)
Exhibits required for appraisal updates and completion reports
Appraisal updates and completion reports (
Forms 442
and
400
) must include:
Exhibits required for appraisal updates and completion reports
)
Photographs of any factors that affect the value, condition or marketability of the subject property should be provided if not already part of the original appraisal report.
Forms 442
and
400
)
For an existing property subject to repairs or alterations, photographs that clearly identify the completion of repairs or alterations
For new or proposed construction subject to completion, photographs including:
Rear view of the subject property
Street scene identifying the location of the subject property and showing neighboring improvements
All bathrooms of the subject property
All main living areas of the subject property, including all gathering rooms
All basement areas of the subject property, including unfinished and finished areas
For an existing Manufactured Home, either the HUD Data Plate or the HUD Certification Label(s); when both are present, the completion report must include both
For a new Manufactured Home, both the HUD Data Plate and HUD Certification Label(s)
®
notice, if applicable
If the photographs in the original appraisal report accurately represent the subject property, new photographs of the subject property are not required.
(g)
Other necessary exhibits and addenda for appraisal reports
The appraiser must provide any additional information or data that is needed to provide the lender/client with a credible and adequately supported appraisal. The Seller may request that the appraiser provide additional exhibits or addenda as part of the appraisal scope of work. Any exhibit or addenda must be incorporated into the appraisal report.
(h)
Exhibits required for a PDR
The following exhibits must be included in the PDR:
Rear view of the subject property
Any sides of the subject property that are not wholly visible in the front or rear photographs
Street scene (both directions) identifying the location of the subject property and neighboring improvements
All interior rooms of the subject property including, but not limited to, foyer, kitchen, living room, bedrooms(s), bathroom(s), utility room, laundry room, basement (finished and unfinished areas), attic area accessed via a permanent staircase (finished and unfinished areas), etc.
Interior and exterior of any significant (permanently affixed) outbuildings on the subject site, including any ADU (not required from small sheds)
Any physical deterioration, improvements, Amenities and any observed conditions or external influences
Building sketch and floor plan
Building sketch and floor plan that meet the requirements in
Section 5604.2(a)
