The FHA maintains the rolls of approved appraisers for each state - J C Harry Appraisals is on the roster of approved appraisers for Virginia.
This indicates that we are qualified and approved by the FHA to do appraisals for property loans backed by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is secured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).
None of the money in the loan is provided by the FHA. What the FHA does is see to it that the mortgage is secure in case the borrower defaults on his or her loan obligations.
Low-income and moderate-income homebuyers benefit the most from FHA-insured loan programs. The point of the Federal Housing Administration is to assist credit-worthy buyers get approved for mortgages that they otherwise would not.
Remember, the FHA differs from the VA appraiser panel in that the lending organization can choose the appraiser.
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 invaluable to consumers with minimal starting income.
