Rest assured that ASSOCIATES APPRAISAL is an FHA-certified appraisal service in IL. This indicates that we are qualified and approved by the FHA to do appraisal reports for home loans insured by them. A portion of the regular training our staff at ASSOCIATES APPRAISAL undergoes deals exclusively with comprehending the FHA's documentation and their rules and procedures.
Contact us today if you need to get an appraisal done on an FHA-insured loan.
If your loan is FHA certified, that means that the loan has been guaranteed by the Federal Housing Administration, which is a branch of the United States Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lending agencies with security through mortgage insurance in case the borrower defaults on his or her loan obligations. Low-income and moderate-income borrowers benefit from an FHA-backed loan; the point of the Federal Housing Administration is to aid credit-worthy buyers to meet expectations and qualifications for lending agencies that they otherwise would not.
Down payments are often lower with an FHA loan despite using conventional market rates. FHA loan programs are extremely beneficial to those purchasers with less available funding.
Got a Question?
Do you have a question relating to real estate appraisals? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.