Fannie Mae Form 2090 PDF Details

In the realm of real estate and mortgage lending, the Fannie Mae Form 2090, known as the Individual Cooperative Interest Appraisal Report, serves a crucial role. This comprehensive document is designed to provide lenders and clients with a well-supported opinion on the market value of a specific cooperative unit. As such, the form meticulously outlines various aspects of the property in question, including its address, legal description, and current occupancy status, while also detailing the financial nuances of a potential transaction, such as monthly maintenance fees, and any special assessments. Further, the form inquires into the property's sale history and the existence of any financial assistance which could influence the transaction. Venture into the specifics of the neighborhood, noting trends in cooperative housing, land use percentages, and neighborhood boundaries. Additionally, the form examines the cooperative project itself, shedding light on the management structure, the presence of commercial space, and the condition of the project's amenities – all of which play into the valuation. Notably, the appraiser's certification spells out the standards and assumptions under which the appraisal is conducted, including adherence to the Uniform Standards of Professional Appraisal Practice. In essence, this form encapsulates the multifaceted evaluation process that informs lenders of a property's worth in the context of a cooperative housing arrangement, ensuring a thorough understanding of not only the unit's value but also the broader project and neighborhood dynamics.

QuestionAnswer
Form NameFannie Mae Form 2090
Form Length7 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min 45 sec
Other namesfannie cooperative appraisal make, fannie mae appraisal report form, fannie mae 2090, coop appraisal form

Form Preview Example

Individual Cooperative Interest Appraisal Report File #

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

 

 

Property Address

 

 

Unit #

 

City

 

 

State

Zip Code

 

 

 

Borrower

 

 

 

Current Owner

 

 

 

County

 

 

 

 

 

Legal Description

 

 

 

 

 

 

 

 

 

 

 

 

 

Project Name

 

 

Phase #

 

Map Reference

 

 

Census Tract

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupant

Owner

 

Tenant (Market Rent)

Tenant (Regulated Rent)

Vacant Monthly Maintenance Fee $

 

per year

per month

 

 

Property

Rights Appraised

Cooperative

Other

 

Expiration Date of Proprietary Lease

 

Special Assessment $

 

 

 

Assignment Type

Purchase Transaction

Refinance Transaction

Other (describe)

 

 

 

 

 

 

 

 

Lender/Client

 

 

Address

 

 

 

 

 

 

 

 

 

 

Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal?

Yes

No

 

 

 

Report data source(s) used, offering price(s), and date(s).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I

did

did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not

 

 

performed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract Price $

 

Date of Contract

Is the property seller the current owner?

Yes

No

Data Source(s)

 

 

 

 

 

Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower?

Yes

No

 

 

If Yes, report the total dollar amount and describe the items to be paid.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Race and the racial composition of the neighborhood are not appraisal factors.

 

 

Neighborhood Characteristics

 

 

Cooperative Housing Trends

 

Cooperative Housing

 

Present Land Use %

 

 

 

 

 

 

 

 

 

 

 

Location

Urban

Suburban

Rural

 

Property Values

Increasing

Stable

Declining

PRICE

AGE

One-Unit

%

 

 

Built-Up

Over 75%

25–75%

Under 25%

 

Demand/Supply

Shortage

In Balance

Over Supply

$ (000)

(yrs)

2-4 Unit

%

 

 

 

 

 

Growth

Rapid

Stable

Slow

 

Marketing Time

Under 3 mths

3–6 mths

Over 6 mths

 

Low

Multi-Family

%

 

 

Neighborhood Boundaries

 

 

 

 

 

 

 

 

High

Commercial

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pred.

 

Other

%

 

 

Neighborhood Description

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Conditions (including support for the above conclusions)

Is there a demonstrated market acceptance of the cooperative form of ownership in the subject neighborhood?

Yes

No If No, describe

 

Topography

 

 

 

Size

 

 

 

 

Density

 

View

 

 

 

 

 

 

Specific Zoning Classification

 

 

 

 

 

Zoning Description

 

 

 

 

 

 

 

 

 

 

Zoning Compliance

Legal

Legal Nonconforming — Do the zoning regulations permit rebuilding to current density?

Yes

 

No

 

 

 

 

 

No Zoning

Illegal (describe)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?

Yes

No

If No, describe

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utilities

Public

Other (describe)

 

 

 

 

 

Public

Other (describe)

Off-site Improvements—Type

Public Private

 

Electricity

 

 

 

 

 

 

Water

 

 

 

 

 

Street

 

 

 

 

 

 

 

 

Gas

 

 

 

 

 

 

Sanitary Sewer

 

 

 

 

Alley

 

 

 

 

 

 

 

 

FEMA Special Flood Hazard Area

Yes

No

FEMA Flood Zone

 

 

 

FEMA Map #

 

 

FEMA Map Date

 

 

 

Are the utilities and off-site improvements typical for the market area?

Yes

No

If No, describe

 

 

 

 

 

 

 

 

 

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?

Yes

No

If Yes, describe

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Description

 

 

 

 

General Description

 

 

General Description

 

 

 

Car Storage

 

 

# of Units

 

 

 

 

 

Existing

 

 

 

Condition

 

Type of Parking

 

 

 

 

# of Buildings

 

 

 

 

Proposed

 

 

 

Exterior Walls

 

Guest Parking

Yes

No

 

# of Stories

 

 

 

 

 

Under Construction

 

 

Roof Surface

 

Total # Parking Spaces

 

 

 

# of Elevators

 

 

 

Year Built

 

 

 

 

Window Type

 

Ratio (spaces/units)

 

 

 

Project Description

Detached

Row or Townhouse

Garden

Mid-Rise

High-Rise

Other (describe)

 

 

 

 

 

 

 

 

Project Primary Occupancy

Principle Residence

Second Home or Recreational

Tenant

 

 

 

 

 

 

 

 

 

Cooperative Project Management

Sponsor/Developer

Cooperative Board

 

Management Agent – Provide name of management company.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Is the cooperative project part of a master association?

Yes

No If Yes, describe

Was the project created by the conversion of an existing building(s) into a cooperative?

Yes

No If Yes, describe the original use and the date of conversion.

Is there any commercial space in the project?

Yes

No If Yes, describe and indicate the overall percentage of the commercial space.

Describe the project amenities (including security features, recreational facilities, etc.).

Are the units and project amenities typical and complete?

Yes

No If No, describe

Describe the condition of the project and quality of construction.

Are there fees, other than regular monthly maintenance fees or monthly assessments, such as special assessments, etc. for use of facilities? and comment on compatibility to other projects in the market area.

Yes

No If Yes, describe

Page 1 of 6

Fannie Mae Form 2090 March 2005

Individual Cooperative Interest Appraisal Report

File #

Is there any information known to the appraiser about the project that could make its marketability different than other properties in its market area? describe

Yes

No If Yes,

Does the project generally conform to the neighborhood (style, condition, quality of construction, remodeling, appeal to market, etc.)?

Yes

No If No, describe

 

Utilities included in unit charge

None

 

Heat

Air Conditioning

Electricity

Gas

Water

 

Sewer

Cable

Other (describe)

 

 

 

 

Is it typical to have these utilities included in the unit charge for projects in the market area?

Yes

No

If No, describe

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Description

 

 

Interior

materials/condition

 

 

Amenities

 

 

Appliances

 

 

Car Storage

 

 

 

Floor #

 

 

 

Floors

 

 

 

Fireplace(s) #

 

 

 

Refrigerator

 

 

None

 

 

 

 

# of Levels

 

 

 

Walls

 

 

 

Woodstove(s) #

 

 

Range/Oven

 

 

Garage

# of Cars

 

 

 

 

 

 

 

 

 

 

 

 

 

Heating Type

Fuel

 

Trim/Finish

 

 

 

Deck/Patio

 

 

 

Disp

Microwave

 

Open

# of Cars

 

 

 

 

 

 

 

 

 

 

Central AC

Individual AC

 

Bath Wainscot

 

 

 

Porch/Balcony

 

 

Dishwasher

 

 

Assigned

Owned

 

Other

 

 

Doors

 

 

 

Other

 

 

 

Washer/Dryer

 

Parking Space #(s)

 

Finished area above grade contains:

 

Rooms

Bedrooms

Baths

 

 

 

Square Feet of Gross Living Area Above Grade

Additional features (special energy efficient items, etc.)

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?

Yes

No If Yes, describe

The following cooperative project information, including financing and occupancy data, is required to be current within 30 days of the Effective Date of Appraisal/Inspection.

The appraiser’s data source(s) for the cooperative project information is Management Agent, Cooperative Board, Sponsor/Developer, Other (describe) Identify the data source(s) by name, title, company address, and telephone number and report the effective date of data source(s).

Number of shares issued and outstanding for the Cooperative Corporation

Number of shares attributable to the subject unit

PRO RATA share of the project blanket financing attributable to the subject unit

PRO RATA share of each lien attributable to the subject unit

Monthly maintenance fee (or Monthly Assessment Unit Charge) $

 

X 12 Months = $

per year

Annual maintenance fee (or assessment charge) divided by the square feet of gross living area for the subject unit = $

 

Is the Sponsor/Developer in Control of the Cooperative Corporation?

Yes

No

 

Is the Sponsor/Developer offering any types of sales or financing concessions (such as a maintenance fee rebate or credit, etc.) with the transfer of units in the project?

Yes

No If Yes, describe

Is the project subject to ground rent?

Yes

No If Yes, $

per year (describe terms and conditions)

Are any of the project facilities leased to or by the Cooperative Corporation?

Yes

No If Yes, describe which facilities and note any fees for their use.

 

Is the subject property the recipient of any tax abatements or exemptions?

Yes

No If Yes, note the remaining term, provisions for escalation of real estate taxes

 

and the dollar amount.

 

 

 

 

 

 

 

 

 

 

 

Are any of the units in the project subject to a stock transfer fee (such as waiver of options fees, flip taxes, etc.)?

Yes

No If Yes, describe

 

 

 

 

 

 

How many owners of units in the project are two or more months delinquent in the payment of their financial obligations to the Cooperative Corporation?

Does any single entity (the same individual, investor group, partnership, or corporation, as well as the developer or sponsor) own more than 10% of the stock or shares in the

Cooperative Corporation and the related occupancy rights? Yes No If Yes, describe

 

I

did

did not analyze the cooperative project budget for the current year. Explain the results of the analysis of the budget (adequacy of fees, reserves, etc.), or why the

 

analysis was not performed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Project Blanket Financing

 

 

 

 

 

 

Lien Priority

 

First

 

 

Second

 

Other (

)

 

 

Lien Type (Mortgage, Line of Credit, etc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Balance

$

 

$

 

 

 

$

 

 

 

Balloon Mortgage

Yes

No

 

Yes

No

 

Yes

No

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Remaining Term

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monthly Payment

$

 

$

 

 

 

$

 

 

 

Interest Rate

 

%

 

 

 

%

 

%

 

 

Fixed/Variable Rate

Fixed Rate

Variable Rate

 

Fixed Rate

Variable Rate

 

Fixed Rate

Variable Rate

 

Lien holder

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Project Occupancy

 

 

 

 

 

 

 

 

Unit Ownership and Occupancy

 

 

# of Units

 

% of the Project

 

Owner Occupied

 

 

 

 

 

 

 

 

 

 

Sponsor/Developer — Vacant

 

 

 

 

 

 

 

 

 

 

Sponsor/Developer — Tenant Occupied (Market Rent)

 

 

 

 

 

 

 

 

 

Sponsor/Developer — Tenant Occupied (Regulated Rent)

 

 

 

 

 

 

 

 

 

Investor Vacant

 

 

 

 

 

 

 

 

 

 

Investor — Tenant Occupied (Market Rent)

 

 

 

 

 

 

 

 

 

 

Investor — Tenant Occupied (Regulated Rent)

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 2 of 6

 

 

 

Fannie Mae Form 2090 March 2005

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