Navigating the complexities of buying a home can be daunting, particularly when it comes to understanding the essential documents involved in the appraisal process. Among these, the Fannie Mae 1004 form stands out as a critical component. This comprehensive form, also known colloquially as the Uniform Residential Appraisal Report, serves a pivotal role in the real estate and mortgage industries. Its purpose is to provide an in-depth analysis and valuation of a single-family dwelling that is being considered for a mortgage loan under Fannie Mae guidelines. Appraisers are required to fill out this form meticulously, as it encompasses a wide range of information including the property’s physical characteristics, comparisons with similar properties, and an overall market analysis. This form doesn’t just affect lenders and financial institutions; it directly impacts buyers and homeowners by influencing the loan approval process. Understanding the nuances and sections of the Fannie Mae 1004 form is key for anyone involved in the home buying process, ensuring clarity and preparedness in navigating the financial aspects of homeownership.
| Question | Answer |
|---|---|
| Form Name | Fannie Mae Form 1004 |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | 1004 appraisal, form 10040 appraisal, uniform residential appraisal report form 1004, appraisal form printable |
