The FHA keeps a roster of approved appraisers for each state - BRYN APPRAISAL GROUP, LLC is on the roster of approved appraisers for North Carolina.
This indicates that we are certified and approved by the FHA to do appraisals for property loans backed by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
If your property loan is FHA certified, that means that the loan has been secured by the FHA, which is a branch of the United States Department of Housing and Urban Development (HUD).
The lending company provides all the money in the loan - the FHA simply insures the loan by providing mortgage insurance in case the borrower defaults on his or her loan.
The FHA and their loan programs are built to benefit low-to-moderate income purchasers by easing credit requirements.
Remember that the lender working with the the Federal Housing Administration is authorized to pick the appraisal company with which they'll work, different from VA appraisal panel.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates.
FHA loan programs are incredibly helpful to those consumers with less accumulated cash.