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. This means that we are certified and approved by the FHA to do reports for house loans underwritten by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
Contact us today if you need to get an appraisal done on an FHA-insured loan.
The FHA is the Federal Housing Administration, which is a federal agency in the United States Department of Housing and Urban Development (HUD) - if your loan is an FHA-secured loan, it means it is insured by them. The FHA does not loan capital to borrowers, rather, it provides lending organizations with safety by offering mortgage insurance in case the borrower does not pay his or her financial obligations. Low-income and moderate-income borrowers benefit from an FHA-insured loan; the point of the Federal Housing Administration is to aid credit-worthy potential buyers to meet expectations and necessities 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. The loan programs that the Federal Housing Administration provides are excessively beneficial to buyers with less starting capital.