Village Appraisal Ltd. can do FHA backed loansThe FHA publishes a list of approved appraisers for each state - Village Appraisal Ltd. is on the roster of approved appraisers for OH. This indicates that we are qualified and approved by the FHA to do reports for house loans underwritten by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents. Be sure to contact Village Appraisal Ltd. if you need an appraisal done for an FHA-secured loan. 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-insured loan, it means it is backed by them. None of the money in the loan is provided by the FHA; what the FHA does is make sure that the loan is secure in case the borrower defaults on his or her loan obligations. Low-income and moderate-income consumers benefit from an FHA-backed loan; the point of the Federal Housing Administration is to assist credit-worthy potential buyers to meet expectations and requirements for lending organizations that they otherwise would not. Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. Purchasers with lesser income or less starting money to put down on a loan benefit the most from FHA loan programs. |