We are happy to say that Affiliated Appraisal Services is an FHA-certified appraisal service in Maine.
This means that we are qualified and approved by the FHA to do appraisals for home loans underwritten by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is insured by the Federal Housing Administration, a federal organization within the U.S. Department of Housing and Urban Development (HUD).
No part of the loan is provided by the FHA. What the FHA does is see to it that the loan is secure in case the borrower defaults on his or her loan obligations.
Low-income and moderate-income homebuyers benefit the most from FHA-insured loan programs. The purpose of the Federal Housing Administration is to aid credit-worthy buyers get approved for mortgages that they otherwise would not.
Remember, the FHA is different from the VA appraiser panel in that the lender can pick the appraisal company.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Those with lesser incomes or less starting capital to use as a down-payment on a mortgage benefit the most from FHA loan programs.