The FHA publishes a list of approved appraisers for each state - First Choice Appraisal Service (219) 863-7711 is on the roster of approved appraisers for Indiana.
We're qualified and approved to do reports for FHA secured financial transactions.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
The FHA is the Federal Housing Administration, which is a federal organization in the United States Department of Housing and Urban Development (HUD); if your loan is an FHA-secured loan, it means it is backed by them.
No part of the loan is provided by the FHA. What the FHA does is ensure that the mortgage is paid for in case the borrower defaults on his or her loan obligations.
The FHA and their loan programs are built to assist low-to-moderate income homebuyers by easing credit qualifications.
Remember that the lender working with the the Federal Housing Administration is free to select which appraisers they work with, 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.
The loan programs that the Federal Housing Administration offers are lifesavers to consumers with less starting income.
