HUD HOC Reference Guide

Effective January 1, 2006, appraisals performed on properties containing two, three and four units must be completed on Fannie Mae Form 1025 - Small Residential Income Property Appraisal Report (dated March 2005). This report form contains the comparable rental data fields necessary for the GRM analysis making the use of the separate Gross Rent Multiplier (GRM) attachment obsolete.