The FHA retains a roster of approved appraisers for each state - Needs Appraisals is on the roster of approved appraisers for Delaware.
This means that we are qualified and approved by the FHA to do reports for property loans underwritten by them.
A portion of the continuing training our staff at Needs Appraisals undergoes deals exclusively with understanding the FHA's documentation and their rules and procedures.
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 loan is an FHA-secured loan, it means it is underwritten by them.
The lender provides all the money in the loan - the FHA simply insures the loan with mortgage insurance in case the borrower does not pay off his or her loan.
Accessible to all homebuyers, FHA loan programs are made to help credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Remember, the FHA is different from the VA appraiser panel in that the lending agency can choose the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates.
FHA loan programs are incredibly helpful to those purchasers with less available starting capital.
