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URAR : Uniform Residential Appraisal Report
-Generally considered to be the comprehensive appraisal for single-family residence and is accepted by most lenders for most mortgages under $250,000. This type of appraisal includes an analysis of the home, along with an analysis of similar homes in the neighborhood that have sold recently. The URAR requires the appraisar to inspect the inside and outside of the home.
2055 Interior - Fannie Mae Limited Scope Appraisal Report
-The 2055 is similar to the 704 and was developed by Fannie Mae. Some banks require the appraiser use the 2055 form, which is briefer than the URAR, and also perform an interior inspection of the home.
2055 Drive-By - Fannie Mae Limited Scope Appraisal Report
-Limited scope "drive-by" appraisal of a single-family home using Fannie Mae form 2055. No interior inspection required.
2075 Desk Review - Fannie Mae Limited Scope Appraisal
-Limited scope, exterior-only, property inspection without an estimate of market value using Fannie Mae form 2075.
704 Drive-by/Desktop - Freddie Mac Limited Scope Appraisal Report
-The 704 is a less comprehensive report developed by Freddie Mac. It inlcudes most of the features found in the URAR, but does not require the appraiser to inspect the interior of the home. The 704 is sometimes referred to as a "desktop" appraisal since the appraiser completes the report based on information obtained from their databases and public record information sources. In addition, the 704 may also be referred to as a "drive-by" if the appraiser completes the report by driving by the property to inspect the exterior and the neighborhood, after reviewing the facts about the property as found in databases and public records. Normally used for a second mortgage or home equity loan.
Condo - Condominium and Townhouse Appraisal Report
-The Condominium Appraisal is a special form just for condos and townhomes. The report includes information about comparable sales as well as rentals in the area. This form typically requires an interior inspection.
2-4 Family-Form 1025 - Single Family and/or Small Income Property
-The 2-4 family Appraisal is similar to the URAR but requires the appraiser to consider rental income and expenses in their determination of value.