The FHA maintains the rolls of approved appraisers for each state - Greenaway Appraisals is on the roster of approved appraisers for California.
This means that we are qualified and approved by the FHA to do appraisal reports for home loans backed by them.
A certain amount of the ongoing training our staff at Greenaway Appraisals undergoes deals exclusively with understanding the FHA's documentation and their rules and procedures.
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 loan, it means it is backed by them.
The lender takes care of all the loaned money - the FHA simply secures the loan with mortgage insurance in case the borrower defaults on his or her loan.
Accessible to all consumers, FHA loan programs are made to help credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans.
Remember that the lending organization approving a loan backed by the FHA is authorized to choose which appraisers they work with, different from VA appraisal panel.
Down payments are often lower with an FHA loan despite using conventional market rates.
FHA loan programs are incredibly helpful to those purchasers with less accumulated funding.
