The FHA keeps a list of approved appraisers for each state - Lorel Appraisal Company is on the roster of approved appraisers for California.
This means that we are qualified and approved by the FHA to do reports for house loans backed by them.
Part of the continuing training our staff at Lorel Appraisal Company undergoes deals precisely with comprehending the FHA's documentation and their rules and procedures.
If your financial transaction is FHA approved, that means that it has been secured by the FHA, which is underneath the United States Department of Housing and Urban Development (HUD).
The FHA does not loan funds to borrowers. Rather, it provides lenders with protection by offering mortgage insurance in case the borrower defaults on his or her loan obligations.
The FHA and their loan programs are created to aid low-to-moderate income consumers by easing credit requirements.
Remember that the lending agency approving a loan backed by the FHA is allowed to choose the appraisal company with which they'll work, unlike the 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.
FHA loan programs are particularly helpful to those homebuyers with less accessible cash.
