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. We're certified and approved to do reports for FHA insured loans. FHA's guidelines, documentation and policies may seem difficult to grasp, but the staff at 1st Quality Appraisals, Inc is well-trained on how to work in accordance with the rules and regulations provided.
Be sure to contact 1st Quality Appraisals, Inc if you need an appraisal done for an FHA-secured loan.
An FHA loan is secured by the Federal Housing Administration, a federal agency that is a part of the U.S. Department of Housing and Urban Development (HUD). The lender provides all the finances; the FHA simply backs the transaction through mortgage insurance in case the borrower does not pay off his or her loan. Low-income and moderate-income homebuyers benefit from an FHA-backed financial transaction; the purpose of the Federal Housing Administration is to help credit-worthy potential buyers to meet expectations and qualifications for lending organizations 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 lesser income or less starting money to use as a down-payment on a mortgage are assisted the most from Federal Housing Administration loan programs.