The FHA maintains a roster of approved appraisers for each state - Action Appraisal, Inc is on the roster of approved appraisers for Florida.
This indicates that we are certified and approved by the FHA to do appraisals for home loans backed by them.
Part of the periodic training our staff at Action Appraisal, Inc completes deals precisely with understanding the FHA's documentation and their rules and procedures.
An FHA loan is secured by the Federal Housing Administration, a federal agency that is a part of the U.S. Department of Housing and Urban Development (HUD).
None of the funds are provided by the FHA. What the FHA does is ensure that the loan is taken care of in case the borrower defaults on his or her loan obligations.
Low-income and moderate-income consumers benefit the most from FHA-insured loan programs. The point of the Federal Housing Administration is to aid credit-worthy families and individuals get approved for mortgages that they otherwise would not.
Remember, the FHA is different from the VA appraiser panel in that the lending organization can pick the appraiser.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates.
The loan programs that the FHA provides are extremely helpful to purchasers with minimal starting income.