Advanced Appraisal Services can do FHA backed loansWe assure you that Advanced Appraisal Services is an FHA-approved appraisal practice in Texas. We are qualified and approved to do appraisal reports for FHA insured loans. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
If your loan is FHA insured, that means that it has been guaranteed by the Federal Housing Administration, which is underneath the United States Department of Housing and Urban Development (HUD). The FHA does not loan capital to borrowers. Rather, it provides lending agencies with safety through mortgage insurance in case the borrower defaults on his or her loan obligations. Low-income and moderate-income homebuyers benefit the most from FHA-backed loan programs. The point of the Federal Housing Administration is to help credit-worthy families and individuals get approved for mortgages that they otherwise would not. Unlike the VA appraiser panel, the lender working with Federal Housing Administration actually has the freedom to choose the appraiser. Down payments are often lower with an FHA loan despite using conventional market rates. FHA loan programs are extremely helpful to those buyers with less available cash. |
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