is Virginia state certified and on the FHA Roster of approved residential appraisers.
We're certified and approved to do appraisal reports for FHA insured loans.
A certain amount of the continuing training our staff at Appraisal Associates, LC completes deals exclusively with comprehending the FHA's documentation and their rules and procedures.
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).
The lender takes care of all the funds being borrowed - the FHA simply secures the loan by providing mortgage insurance in case the borrower defaults on his or her loan.
Low-income and moderate-income homebuyers benefit the most from FHA-secured loan programs. The point of the Federal Housing Administration is to help credit-worthy families and individuals get approved for mortgages that they otherwise would not.
Remember that the lending agency approving a loan associated with the Federal Housing Administration is able to select their appraisers, unlike the VA appraisal panel.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates.
The loan programs that the Federal Housing Administration offers are incredibly helpful to buyers with less starting income.
