Need an appraisal for an FHA-backed mortgage? Call Appraisal Associates of CT
We assure you that Appraisal Associates of CT is an FHA-certified appraisal practice in CT. This indicates that we are qualified and approved by the FHA to do appraisal reports for home loans backed by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
Contact us today if you need to get an appraisal done on an FHA-insured loan.
If your property loan is FHA insured, that means that the loan has been guaranteed by the FHA, which is underneath the United States Department of Housing and Urban Development (HUD). No part of the loan is provided by the FHA; what the FHA does is ensure that the mortgage is taken care of in case the borrower doesn't pay their loan. Low-income and moderate-income consumers benefit from an FHA-secured financial transaction; the point of the Federal Housing Administration is to assist credit-worthy potential buyers to meet expectations and requirements for lending organizations that they otherwise would not.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. The loan programs that the FHA provides are incredibly useful to consumers with less starting income.