We are happy to say that Long Appraisal Group is an FHA-certified appraisal practice in Ohio.
This means that we are qualified and approved by the FHA to do appraisal reports for property loans insured by them.
Part of the ongoing training our staff at Long Appraisal Group receives deals strictly with comprehending the FHA's documentation and their rules and procedures.
If your financial transaction is FHA insured, that means that the loan has been guaranteed by the FHA, which is part of the United States Department of Housing and Urban Development (HUD).
The lender provides all the money in the loan - the FHA simply insures the transaction through mortgage insurance in case the borrower does not pay off his or her loan.
Low-income and moderate-income homebuyers benefit the most from FHA-backed loan programs. The point of the Federal Housing Administration is to aid credit-worthy buyers get approved for mortgages that they otherwise would not.
Remember that the lending organization approving a loan associated with the Federal Housing Administration is able to choose 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 FHA offers are extremely helpful to purchasers with less starting capital.
