We are happy to say that Accurate Appraisal Associates, Inc is an FHA-certified appraisal firm in Alabama.
This indicates that we are certified and approved by the FHA to do appraisal reports for house loans backed by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is underwritten by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).
The lending organization provides all the loaned money - the FHA simply insures the loan through 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 point of the Federal Housing Administration is to assist credit-worthy families and individuals get approved for mortgages that they otherwise would not.
Different from the VA appraiser panel, the lending agency working with FHA is allowed to pick the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
FHA loan programs are incredibly helpful to those homebuyers with less accumulated cash.
