is Maryland state certified and on the FHA Roster of approved residential appraisers. This means that we are certified and approved by the FHA to do appraisals for property loans backed by them. A portion of the ongoing training our staff at Area Appraisal Services, Inc. completes deals exclusively with comprehending the FHA's documentation and their rules and procedures.
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 loan is an FHA loan, it means it is insured by them. The FHA does not provide funds to borrowers. Rather, it provides lenders with safety through mortgage insurance in case the borrower defaults on his or her financial obligations. Accessible to all homebuyers, FHA loan programs are built to assist credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans. Remember that the lender approving a loan associated with the Federal Housing Administration is authorized to select their appraisers, unlike the VA appraisal panel. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. FHA loan programs are extremely useful to those homebuyers with less available starting capital.