We confidently state that Central Maryland Appraisal Services is an FHA-certified appraisal firm in Maryland.
This indicates that we are certified and approved by the FHA to do appraisals for house loans insured by them.
A certain amount of the continuing training our staff at Central Maryland Appraisal Services receives deals precisely with understanding the FHA's documentation and their rules and procedures.
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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. |
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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 underwritten by them.
The lending company provides all the loaned money - the FHA simply secures the transaction by providing mortgage insurance in case the borrower does not pay off his or her loan.
Low-income and moderate-income borrowers benefit the most from FHA-backed loan programs; the point of the Federal Housing Administration is to assist credit-worthy potential buyers get approved for mortgages that they otherwise would not.
Remember that the lending agency working with the the Federal Housing Administration is able to choose the appraisal company with which they'll work, unlike the VA appraisal panel.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
The loan programs that the Federal Housing Administration provides are incredibly useful to purchasers with minimal starting income.