Appraisal Forms 1004, 1007, 1025 and 216: Which Goes Where

An appraisal order arrives as a string of numbers: a 1004 with a 1007, or a 1025 with a 216. They are Fannie Mae form numbers, and each answers a different question about a property. Choose the form by counting units, then read the rent section, because on a rental that is the part your loan is qualified on.

Each form has its own glossary page covering what it is. This post covers what those pages leave out: how the forms fit together on one order, which pairings are real, and what is changing on 2 November 2026.

Count the units

The unit count decides the form. Fannie Mae’s Selling Guide assigns Form 1004, the Uniform Residential Appraisal Report, to one-unit properties and Form 1025, the Small Residential Income Property Appraisal Report, to two- to four-unit properties. A condo unit is the common exception: it is appraised on Form 1073. Five units and above is appraised as commercial property, and the five-to-nine-unit page covers where that leaves the financing.

Freddie Mac prints the same forms under its own numbers: 1004 is Form 70, 1025 is Form 72, 1007 is Form 1000 and 216 is Form 998. If a checklist uses the Freddie number, it is the same form.

Which forms travel together

Fannie Mae’s guide requires the 1007 when the property is a one-unit investment property and the borrower is using rental income to qualify. That rule governs loans sold to Fannie Mae. A DSCR loan is not underwritten to that guide, so the lender’s own order decides, but the 1007 is the document the rule describes.

Does a 1025 include a 1007?

No, and it does not need one. The 1007 is the Single-Family Comparable Rent Schedule, a one-unit form. The 1025 carries its own rent analysis: a Comparable Rental Data section listing up to three rental comparables with their current monthly rents, and a Subject Rent Schedule where the appraiser reconciles market rent against lease data and supports an estimated monthly income for each unit. If an order for a duplex lists both a 1025 and a 1007, ask the lender why, because the 1025 already produces the rent.

Does a 1025 go with a 216?

It used to. Form 216 is the Operating Income Statement, an income and expense statement the appraiser completes to support the income approach on a small income property. Freddie Mac’s UAD 3.6 FAQ states that the GSEs have retired it and do not expect to receive it. A 216 on your order is therefore the lender’s own choice. Ask what it is used for: a DSCR qualifies on gross rent against the full payment, and a 216 is a statement of income and expenses.

What changes on 2 November 2026

Fannie Mae and Freddie Mac are replacing the 1004, 1025, 1007 and their siblings with one redesigned residential report. The same FAQ says UAD 3.6 is mandatory for reports submitted to UCDP on or after 2 November 2026, and that the date is the submission date, not the application date. The FAQ adds that the legacy rent schedule will mostly not be completed separately: estimating monthly market rent becomes part of the assignment, in a Rental Information section of the new report.

UCDP is where loans sold to the GSEs submit appraisals, so the mandate does not by itself decide which report a DSCR lender orders. Whatever the order is called, confirm that the report contains an opinion of market rent for every unit.

Market rent, actual rent and the line between them

The forms produce market rent: the appraiser’s opinion of what a comparable unit should rent for. Actual rent is what the lease says. The glossary defines the pair. What is worth knowing is where each shows on the paper. On a 1025 both sit side by side for each unit in the Subject Rent Schedule, so you can see which units the appraiser moved off the lease and by how much. On a one-unit property the lease is yours and the 1007 is the appraiser’s, and the lender sets the rule for combining them.

That rule can be applied unit by unit or to the building total, and the two give different answers. Take round numbers chosen for arithmetic, not market data: a duplex where unit A leases for 900 against a market rent of 1,100, and unit B leases for 1,300 against 1,100. Both columns total 2,200. A lower-of rule applied to the totals uses 2,200. Applied unit by unit it uses 900 plus 1,100, which is 2,000. Against a monthly PITIA of 2,000, the ratio is 1.10 in one case and 1.00 in the other.

That is the whole link between appraisal and loan. DSCR is gross monthly rent divided by monthly PITIA, so the rent line on the form is the numerator. The DSCR calculator accepts either figure and the DSCR glossary entry defines the ratio. Which rent a lender counts is that lender’s rule, so ask before the appraisal is ordered; the lender directory shows the criteria each lender publishes.

What to do with each form

• 1004: read the value conclusion and the comparable sales, and do not look for rent on it. On a rental, confirm a 1007 is on the order. Whether the value is as-is or subject to completion is a separate question; see as-is versus ARV.
• 1007: read the market rent and the rental comparables behind it. If it lands below your lease, you hold a lease and better comparables to answer it with; see reconsideration of value.
• 1025: check the unit count and each unit’s description against your own leases first, because a wrong unit mix flows into every rent line.
• 216: if one is ordered, ask why, and compare its lines with your own books.

Ask the lender for a copy of the completed report. A low appraisal is easier to dispute when you can see the comparables.