Know your Appraisal options. Appraisal Form 1004, 2055, 2075

Mortgage and Lending with - Legend Lending NMLS #293883

When doing a mortgage you need to pay for an appraisal.  This is part of the mortgage process.  But, there are times where you can choose to use different appraisal forms.  These different forms offer different information that the lender requires and there are different costs for these different appraisals.  Here is an explanation of the major appraisal forms and their benefits:


  1. 1004- this is the complete full appraisal.  It uses comparable sales to decide a value.  It will include the appraiser coming out to your home and doing interior and exterior photos.   The majority of mortgages require this appraisal.
  2. 2055- this form is a little shorter then form 1004 as it does not require interior photos.  This is beneficial since it would not inconvenience you if you could not be at the home when the appraisal comes out to the home.  Or if there is some type of issue inside the house.  These appraisals cost a little bit less then the 1004 forms ($30 +/-)
  3. 2075- This form is the shortest and the cheapest.  The appraiser only drives by and takes a photo of the front of the home.  He will not address a value for the home.  This option can cost as much as 50% less then the 1004 form. 


Which appraisal form being required is based on the automated underwriting approval.  Meaning if the value your lender estimates is reasonable, then only form 2055 or 2075 may be required.  These appraisal forms pertain to buying or refinancing a home and are for conventional loans only.  FHA loans require a full appraisal.  On every client that I work with, my goal is save them the most amount of money.  One way I do this is by seeing which appraisal forms are acceptable and what is in the client's best interest.   

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David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Top 1% Loan Officer Nationally

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

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Dave Sullivan
Real Estate One - Birmingham, MI
Michigan Realtor with an investor viewpoint

Excellent information I will forward it if that is ok? thank you!!!

Nov 21, 2012 04:55 AM