The FHA publishes a roster of approved appraisers for each state - Reamer Appraisals Inc. is on the roster of approved appraisers for Michigan.
This indicates that we are qualified and approved by the FHA to do appraisals for house loans insured by them.
A certain amount of the continuing training our staff at Reamer Appraisals Inc. receives deals exclusively with understanding the FHA's documentation and their rules and procedures.
If your home loan is FHA insured, that means that the loan has been guaranteed by the Federal Housing Administration, which is underneath the United States Department of Housing and Urban Development (HUD).
The lender provides all the funds being borrowed - the FHA simply backs the transaction with mortgage insurance in case the borrower does not pay off his or her loan.
Low-income and moderate-income consumers 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.
Remember that the lending agency working with the the FHA is able 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 extremely helpful to those consumers with less accumulated funding.