We are happy to say that Signature Appraisals, Inc. is an FHA-certified appraisal practice in Pennsylvania.
This indicates that we are certified and approved by the FHA to do appraisals for property loans insured by them.
A portion of the ongoing training our staff at Signature Appraisals, Inc. completes deals strictly with comprehending the FHA's documentation and their rules and procedures.
If your loan is FHA certified, that means that the loan has been secured by the Federal Housing Administration, which is a branch of the United States Department of Housing and Urban Development (HUD).
None of the funds are provided by the FHA; what the FHA does is ensure that the loan is paid for in case the borrower doesn't pay their loan.
Low-income and moderate-income homebuyers benefit the most from FHA-secured loan programs; the point of the Federal Housing Administration is to help credit-worthy consumers get approved for mortgages that they otherwise would not.
Remember that the lender approving a loan backed by the FHA is able to choose the appraisal company with which they'll work, unlike the VA appraisal panel.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates.
Purchasers with lower income or less starting money to put down on a loan are assisted the most from Federal Housing Administration loan programs.
