Rest assured that THE APPRAISAL SHOP is an FHA-approved appraisal practice in Mississippi.
We're qualified and approved to do reports for FHA secured loans.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
If your financial transaction is FHA approved, that means that the loan has been secured by the FHA, which is underneath the United States Department of Housing and Urban Development (HUD).
None of the money in the loan is provided by the FHA. What the FHA does is make sure that the loan is paid for in case the borrower doesn't pay their loan.
Low-income and moderate-income homebuyers benefit the most from FHA-secured loan programs. The purpose of the Federal Housing Administration is to assist credit-worthy potential buyers get approved for mortgages that they otherwise would not.
Remember that the lender working with the the FHA is authorized to select which appraisers they will use, different from 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 FHA offers are lifesavers to purchasers with less starting income.
