Need an appraisal for an FHA-backed mortgage? Rivertown Appraisal Can HelpThe FHA keeps a roster of approved appraisers for each state - Rivertown Appraisal is on the roster of approved appraisers for Michigan. If you have an FHA-secured mortgage, be sure to hire Rivertown Appraisal, as we are approved and qualified to perform FHA reports. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
If your home loan is FHA approved, that means that the loan has been guaranteed by the FHA, which is a branch of the United States Department of Housing and Urban Development (HUD). The FHA does not loan capital to borrowers. Rather, it provides lending organizations with protection by offering mortgage insurance in case the borrower does not pay his or her loan obligations. The FHA and their loan programs are created to help low-to-moderate income homebuyers by easing credit requirements. Remember that the lending organization working with the the Federal Housing Administration is allowed to select which appraisers they will use, different from VA appraisal panel.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. FHA loan programs are incredibly helpful to those homebuyers with less available cash.
If you need additional information about the FHA, visit their website.