Rest assured that Community Appraisal Services is an FHA-approved appraisal provider in Florida. This means that we are qualified and approved by the FHA to do appraisal reports for house loans insured by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is backed by the Federal Housing Administration, a federal organization within the U.S. Department of Housing and Urban Development (HUD). The FHA does not provide funds to borrowers. Rather, it provides lending agencies with security through mortgage insurance in case the borrower defaults on his or her financial obligations. Low-income and moderate-income borrowers benefit the most from FHA-backed loan programs. The purpose of the Federal Housing Administration is to assist credit-worthy potential buyers get approved for mortgages that they otherwise would not. Different from the VA appraiser panel, the lending organization working with Federal Housing Administration has the freedom to choose the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. FHA loan programs are extremely useful to those purchasers with less accumulated starting capital.
