Rest assured that Village Appraisals Inc. is an FHA-approved appraisal practice in Pennsylvania.
This means that we are qualified and approved by the FHA to do appraisals for property loans insured by them.
FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Village Appraisals Inc. is well-trained on how to follow the rules and regulations provided.
If your loan is FHA insured, that means that the loan has been guaranteed by the Federal Housing Administration, which is part of the United States Department of Housing and Urban Development (HUD).
The lender provides all the funds being borrowed - the FHA simply backs the loan with mortgage insurance in case the borrower does not pay off his or her loan.
Low-income and moderate-income homebuyers benefit the most from FHA-backed loan programs. The point of the Federal Housing Administration is to help credit-worthy consumers get approved for mortgages that they otherwise would not.
Remember, the FHA deviates from the VA appraiser panel in that the lending organization can pick the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates.
Purchasers with lesser incomes or less starting money to put down on a loan are assisted the most from Federal Housing Administration loan programs.
