is Florida state certified and on the FHA Roster of approved residential appraisers.
This means that we are qualified and approved by the FHA to do appraisals for home loans underwritten by them.
A certain amount of the periodic training our staff at Elite Appraisal Services completes deals strictly with understanding the FHA's documentation and their rules and procedures.
An FHA loan is underwritten by the Federal Housing Administration, a federal organization that is a part of the U.S. 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 doesn't pay their loan.
The FHA and their loan programs are formed to aid low-to-moderate income buyers by easing credit requirements.
Remember that the lending agency approving a loan backed by the Federal Housing Administration is authorized to select which appraisers they work with, unlike the VA appraisal panel.
Down payments are often lower with an FHA loan despite using conventional market rates.
FHA loan programs are extremely helpful to those consumers with less accumulated starting capital.
