The FHA maintains the rolls of approved appraisers for each state - A-Appraisals is on the roster of approved appraisers for Illinois. This indicates that we are qualified and approved by the FHA to do appraisal reports for house loans underwritten by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
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If you're in need of an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away. |
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The FHA is the Federal Housing Administration, which is a federal organization in the United States Department of Housing and Urban Development (HUD); if your financial transaction is an FHA-secured loan, it means it is backed by them. The FHA does not provide funds to borrowers. Rather, it provides lending organizations with security by offering mortgage insurance in case the borrower defaults on his or her loan obligations. The FHA and their loan programs are created to help low-to-moderate income homebuyers by easing credit expectations. Remember that the lending agency approving a loan backed by the Federal Housing Administration is permitted to pick their appraisers, different from VA appraisal panel.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Consumers with lower incomes or less starting funds to use as a down-payment on a mortgage are assisted the most from Federal Housing Administration loan programs.