is Michigan state certified and on the FHA Roster of approved residential appraisers. If you have an FHA-mortgage, be sure to get with Certified Appraisers of Greater Kalamazoo, LLC, as we are approved and qualified to perform FHA reports. Part of the regular training our staff at Certified Appraisers of Greater Kalamazoo, LLC receives deals strictly with understanding 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-secured loan, it means it is insured by them. The lending company provides all the financing - the FHA simply insures the transaction with mortgage insurance in case the borrower defaults on his or her loan. Low-income and moderate-income homebuyers benefit the most from FHA-insured loan programs. The point of the Federal Housing Administration is to aid credit-worthy consumers get approved for mortgages that they otherwise would not. Remember that the lending organization approving a loan backed by the FHA is free to choose the appraisal company with which they'll work, different from VA appraisal panel.
Down payments are often lower with an FHA loan despite using conventional market rates. FHA loan programs are particularly helpful to those purchasers with less available cash.
