The FHA maintains a roster of approved appraisers for each state - Smith Appraisal Service is on the roster of approved appraisers for Oklahoma.
This indicates that we are qualified and approved by the FHA to do reports for home loans underwritten by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
||If you need an appraisal for an FHA loan, please contact us, and we'll be able to help you right away.
An FHA loan is backed by the Federal Housing Administration, a federal agency that is a part of the U.S. Department of Housing and Urban Development (HUD).
None of the funds are provided by the FHA. What the FHA does is ensure that the loan is secure in case the borrower defaults on his or her loan obligations.
The FHA and their loan programs are created to assist low-to-moderate income purchasers by easing credit expectations.
Remember that the lending organization approving a loan associated with the Federal Housing Administration is authorized to select the appraisal company with which they'll work, unlike the VA appraisal panel.
Down payments are often lower with an FHA loan despite using conventional market rates.
FHA loan programs are particularly beneficial to those homebuyers with less accumulated cash.