The FHA keeps the rolls of approved appraisers for each state - the staff of Houston Appraisal Services is on the roster of approved appraisers for Florida. This means that we are certified and approved by the FHA to do appraisals for house loans backed by them. A portion of the ongoing training our staff at Houston Appraisal Services, Inc. receives deals precisely with understanding the FHA's documentation and their rules and procedures.
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 loan is an FHA loan, it means it is insured by them. The FHA does not loan capital to borrowers. Rather, it provides lending agencies with security with mortgage insurance in case the borrower does not pay his or her financial obligations. Low-income and moderate-income borrowers benefit the most from FHA-backed loan programs. The point of the Federal Housing Administration is to aid credit-worthy buyers get approved for mortgages that they otherwise would not. Remember, the FHA deviates from the VA appraiser panel in that the lender can pick the appraisal company.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. FHA loan programs are extremely beneficial to those buyers with less available cash.
