Rest assured that Visser Appraisals, Ltd. is an FHA-certified appraisal provider in Michigan.
This means that we are qualified and approved by the FHA to do appraisal reports for home loans underwritten by them.
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 organization in the United States Department of Housing and Urban Development (HUD); if your financial transaction is an FHA loan, it means it is secured by them.
The lender provides all the money in the loan - the FHA simply insures the transaction through mortgage insurance in case the borrower defaults on his or her loan.
Low-income and moderate-income homebuyers benefit the most from FHA-secured loan programs. The purpose of the Federal Housing Administration is to assist credit-worthy consumers get approved for mortgages that they otherwise would not.
Remember that the lending organization approving a loan associated with the Federal Housing Administration is free to pick the appraisal company with which they'll work, different from VA appraisal panel.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Those with lower incomes or less starting funds to use as a down-payment on a financial transaction benefit the most from FHA loan programs.
