Need an appraisal for an FHA-backed mortgage? Call THE APPRAISAL SHOPTHE APPRAISAL SHOP is Mississippi state certified and on the FHA Roster of approved residential appraisers. If you have an FHA-insured mortgage, be sure to hire THE APPRAISAL SHOP, as we are approved and qualified to perform FHA appraisals. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
The FHA is the Federal Housing Administration, which is a federal agency in the United States Department of Housing and Urban Development (HUD); if your loan is an FHA-insured loan, it means it is backed by them. The FHA does not loan money to borrowers. Rather, it provides lending agencies with protection by offering mortgage insurance in case the borrower does not pay his or her financial obligations. The FHA and their loan programs are created to aid low-to-moderate income purchasers by easing credit requirements. Remember that the lending organization working with the the FHA is free to pick the appraisal company with which they'll work, unlike the 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 useful to those homebuyers with less available funding.