Need an appraisal for an FHA-backed mortgage? Call 1st Quality Appraisals, Inc
1st Quality Appraisals, Inc is CA state certified and on the FHA Roster of approved residential appraisers. 1st Quality Appraisals, Inc is certified and approved to do appraisals for FHA insured financial transactions. Part of the periodic training our staff at 1st Quality Appraisals, Inc receives deals precisely with understanding the FHA's documentation and their rules and procedures.
Contact us today if you need to get an appraisal done on an FHA-insured loan.
If your financial transaction is FHA certified, that means that the loan has been guaranteed by the FHA, which is part of the United States Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders with safety by offering mortgage insurance in case the borrower defaults on his or her loan obligations. Low-income and moderate-income homebuyers benefit from an FHA-secured loan; the purpose of the Federal Housing Administration is to cooperate with credit-worthy buyers to meet expectations and requirements for lending agencies that they otherwise would not.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. Those with lower income or less starting funds to use as a down-payment on a mortgage benefit the most from Federal Housing Administration loan programs.