What is a 216 appraisal?

Form 216 (Operating Income Statement) The Operating Income Statement is used to estimate the operating income associated with an income producing property. It can be ordered on both single family and multifamily appraisals. Draw Inspection.

Similarly, it is asked, what is Form 216 on an appraisal?

Operating Income Statement (216) Form 216 is used on 1-4 income investment properties and 2-4 family owner-occupied properties. Description: Applicant provides income and expense projections to be used in determining income approach to value.

Also, does Fannie Mae require Form 216? Fannie Mae DU The Operating Income Statement (Fannie Mae Form 216) is NOT required, regardless of the type of property. However, since the lender must report the gross monthly rent at delivery, lenders have the option of obtaining an Operating Income Statement (Fannie Mae Form 216) to meet this requirement.

Also, what is a 1007 appraisal form?

The Single Family Comparable Rent Schedule Form 1007 is intended to provide an appraiser with a familiar format to estimate the market rent of a property. Adjustments should be made only for those items of significant difference between the comparables and the subject property.

What is a 1025 appraisal?

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. Data indicating physical characteristics of the subject property such as age, materials and condition.

13 Related Question Answers Found

What is a 1004 appraisal?

What is a 1004 appraisal report? A 1004 appraisal form is considered to be one of the most commonly used forms in residential real estate appraisals. It includes information about the property, the neighborhood, market statistics, comps, property photos, floor plans, and other pertinent details.

What is a 1073 appraisal?

An Individual Condominium Unit Appraisal Report (ICUAR) is for appraisals of one-unit properties in condo projects based on interior and exterior property inspections. Also known as Fannie Mae Form 1073, appraisals reported on this form must be completed in accordance with the UAD Specification.

What is a 1004c appraisal?

Form 1004C is required for the appraisal of manufactured homes, any dwelling unit built on a permanent chassis and attached to permanent foundation.

What is a 2075 appraisal?

The 2075 form is an inspection report which asks for some general data about the subject and the neighborhood market. There are no comps and no appraised value.

What is an operating income statement?

Operating income is the net income of an entity, not including the impact of any financial activity or taxes. Operating income is positioned as a subtotal on a multi-step income statement after all general and administrative expenses, and before interest income and interest expense.

What is a rental schedule?

Rent Schedule means a written schedule for the Mortgaged Property showing the name of each tenant, and for each tenant, the space occupied, the lease expiration date, the rent payable for the current month, the date through which rent has been paid, and any related information requested by Lender.

What is an appraisal form?

Appraisal form is the form where you discuss what you did for the appraisal period, and what you want to be in future year. Its basically talks about your achievements for the current year.

What is the 1007 form?

The form is designed to present the information needed to determine the market rent for a single-family property. It calls for information on the physical structure, location, and lease terms.

What appraisal form is used for a PUD?

According to the Fannie Mae Guideline, if the appraisal consists of both interior and exterior inspection of the property, then you may use the Form 1004. It is a seven pages Uniform Residential Appraisal Report, and there's a section where you could check off for PUD unit.