The FHA keeps a roster of approved appraisers for each state - Turner and Gerwitz Appraisals, LLC is on the roster of approved appraisers for Virginia.
This means that we are certified and approved by the FHA to do appraisals for house loans insured by them.
A portion of the regular training our staff at Turner and Gerwitz Appraisals, LLC undergoes deals strictly with decoding 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 financial transaction is an FHA-insured loan, it means it is secured by them.
None of the money in the loan is provided by the FHA. What the FHA does is see to it that the mortgage is insured in case the borrower doesn't pay their loan.
Low-income and moderate-income homebuyers benefit the most from FHA-insured loan programs. The purpose of the Federal Housing Administration is to assist credit-worthy buyers get approved for mortgages that they otherwise would not.
Remember, the FHA differs from the VA appraiser panel in that the lending organization can pick the appraiser.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates.
Consumers with lower incomes or less starting funds to use as a down-payment on a mortgage are helped the most from Federal Housing Administration loan programs.
