The FHA retains a roster of approved appraisers for each state - 1st Appraisal Source is on the roster of approved appraisers for New Jersey.
If you have an FHA-secured mortgage, be sure to contact 1st Appraisal Source, as we are approved and certified to produce FHA reports.
A certain amount of the ongoing training our staff at 1st Appraisal Source undergoes deals strictly with understanding the FHA's documentation and their rules and procedures.
 |
 |
 |
If you need an appraisal for an FHA loan, please contact us, and we'll be able to help you right away. |
|
|
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 loan, it means it is secured by them.
The lending organization takes care of all the funds being borrowed - the FHA simply backs the transaction through mortgage insurance in case the borrower does not pay off his or her loan.
Low-income and moderate-income consumers benefit the most from FHA-insured loan programs. The purpose of the Federal Housing Administration is to help credit-worthy families and individuals get approved for mortgages that they otherwise would not.
Remember that the lender working with the the FHA is allowed to pick the appraisal company with which they'll work, different from VA appraisal panel.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates.
Buyers with lesser incomes or less starting funds to put down on a loan are helped the most from FHA loan programs.
