Residential Appraisal Service is approved for FHA mortgages
The FHA publishes the rolls of approved appraisers for each state - Residential Appraisal Service is on the roster of approved appraisers for Montana. This indicates that we are certified and approved by the FHA to do appraisal reports for house loans insured by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents. |
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Contact us today if you need to get an appraisal done on an FHA-insured loan. | |
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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 financial transaction is an FHA loan, it means it is underwritten by them. The lending company takes care of all the loaned money - the FHA simply insures the loan through mortgage insurance in case the borrower defaults on his or her loan. Applicable to all buyers, FHA loan programs are formed to aid credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans. Remember, the FHA differs from the VA appraiser panel in that the lending agency can choose the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. The loan programs that the FHA provides are incredibly useful to consumers with less starting capital.