The FHA publishes a list of approved appraisers for each state - Erin Wallace Appraisal Service is on the roster of approved appraisers for Maryland. This means that we are qualified and approved by the FHA to do appraisal reports for home loans insured by them. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Erin Wallace Appraisal Service is well-trained on how to follow the rules and regulations provided.
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If you need an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away. |
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An FHA loan is insured by the Federal Housing Administration, a federal organization that is a part of the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan funds to borrowers. Rather, it provides lenders with security with mortgage insurance in case the borrower does not pay his or her financial obligations. Available to all buyers, FHA loan programs are created to assist credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans. Remember, the FHA deviates from the VA appraiser panel in that the lending organization can choose the appraiser.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. FHA loan programs are incredibly beneficial to those buyers with less available starting capital.