FHA Single Family Residential Appraisal – 1004

URAR, FNMA Form 1004

The FHA Single Family Residential Appraisal is used to estimate the market value of the subject property as defined in the Uniform Standard of Professional Appraisal Practice (USPAP). It provides the benefit of a full interior and exterior inspection.

The FHA Single Family Residential Appraisal is completed in compliance with Class Appraisal National Appraisal Services guidelines, Lender guidelines, and additional guidelines set forth by the Federal Housing Administration.

Each FHA appraisal report must include a unique FHA case number (in the upper right hand corner of each page) that is assigned by the lender and obtained through the FHA Connection website. The product includes the following attachments:

  • A completed URAR form
  • Subject property photos including front, rear, side, street scene and any amenities substantially affecting health and safety, marketability and/or value
  • Comparable sales photographs
  • Flood map if property is located in a flood prone area
  • A floor plan sketch with exterior dimensions and gross living area calculations
  • Location map showing accurate locations of the subject and all sales utilized in the report
  • Appropriate certifications and limiting conditions

The FHA mandates that appraisers pay specific attention to any property conditions that are potentially hazardous to the health and/or safety of the occupants and note these within the body of the report, or in the narrative addendum. If the property is found to have potential health and safety issues, an FHA report may be completed “subject to” correction of the issue (if it’s an obvious hazard), or “as is” with a complete description of the noted issue, leaving it up to the lender’s (DE Underwriter’s) discretion to determine if further action is required.