The FHA keeps the rolls of approved appraisers for each state - PETERS APPRAISALS & CONSULTING is on the roster of approved appraisers for Mississippi.
This means that we are certified and approved by the FHA to do reports for property loans insured by them.
A portion of the regular training our staff at PETERS APPRAISALS & CONSULTING undergoes deals strictly with understanding the FHA's documentation and their rules and procedures.
If your property loan is FHA insured, that means that the loan has been secured by the FHA, which is underneath the United States Department of Housing and Urban Development (HUD).
None of the money in the loan is provided by the FHA. What the FHA does is ensure that the mortgage is paid for 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 purpose of the Federal Housing Administration is to aid credit-worthy buyers get approved for mortgages that they otherwise would not.
Remember that the lending agency approving a loan backed by the Federal Housing Administration is able to select their appraisers, different from VA appraisal panel.
Down payments are often lower with an FHA loan despite using conventional market rates.
The loan programs that the Federal Housing Administration offers are invaluable to buyers with less starting capital.
