The FHA maintains the rolls of approved appraisers for each state - ASAP Appraisal Services, Inc. is on the roster of approved appraisers for Arizona.
This means that we are qualified and approved by the FHA to do appraisal reports for home loans backed by them.
A portion of the ongoing training our staff at ASAP Appraisal Services, Inc. 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-insured loan, it means it is secured by them.
The lending company provides all the funds being borrowed - the FHA simply backs the transaction by providing mortgage insurance in case the borrower defaults on his or her loan.
Accessible to all purchasers, FHA loan programs are formed to assist credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Remember that the lending organization working with the the FHA is permitted to choose which appraisers they will use, unlike the VA appraisal panel.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates.
FHA loan programs are particularly helpful to those homebuyers with less available funding.
