The FHA keeps a roster of approved appraisers for each state - Fort Neck Real Estate Appraisal, Inc. is on the roster of approved appraisers for New York. We're qualified and approved to do appraisals for FHA insured financial transactions. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
 |
 |
 |
If you're in need of an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away. |
|
 |
The FHA is the Federal Housing Administration, which is a federal agency in the United States Department of Housing and Urban Development (HUD) - if your financial transaction is an FHA loan, it means it is insured by them. The lender provides all the loaned money - the FHA simply insures the transaction by providing 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-secured loan programs; the purpose of the Federal Housing Administration is to help credit-worthy families and individuals get approved for mortgages that they otherwise would not. Unlike the VA appraiser panel, the lender working with FHA is allowed to choose the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates. Consumers with lower income or less starting capital to put down on a financial transaction are assisted the most from Federal Housing Administration loan programs.