Rest assured that Accurate Appraisers is an FHA-certified appraisal provider in Michigan.
This indicates that we are qualified and approved by the FHA to do appraisal reports for house loans insured 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-insured loan, it means it is backed by them.
The lending organization takes care of all the financing - the FHA simply secures the loan with mortgage insurance in case the borrower defaults on his or her loan.
Low-income and moderate-income consumers benefit the most from FHA-backed loan programs. The purpose of the Federal Housing Administration is to aid credit-worthy consumers get approved for mortgages that they otherwise would not.
Unlike the VA appraiser panel, the lender working with Federal Housing Administration has the freedom to select the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
FHA loan programs are particularly useful to those consumers with less accessible cash.
