Need an appraisal for an FHA-backed mortgage? Call Lake Area Appraisal FirmI am happy to say that Lake Area Appraisal Firm is an FHA-approved appraisal firm in Louisiana. This means that I am qualified and approved by the FHA to do appraisal reports for home loans underwritten by them. Part of the ongoing training that Lake Area Appraisal Firm receives deals strictly with understanding the FHA's documentation and their rules and procedures.
If your home loan is FHA approved, that means that the loan has been secured by the FHA, which is underneath the United States Department of Housing and Urban Development (HUD). The lending company takes care of all the funds being borrowed - the FHA simply backs the transaction through mortgage insurance in case the borrower defaults on his or her loan. Low-income and moderate-income borrowers benefit the most from FHA-secured loan programs. The purpose of the Federal Housing Administration is to aid credit-worthy buyers get approved for mortgages that they otherwise would not. Different from the VA appraiser panel, the lender working with Federal Housing Administration is allowed to choose the appraiser. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. The loan programs that the Federal Housing Administration provides are invaluable to consumers with minimal starting capital. |
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