The FHA retains a list of approved appraisers for each state - Woods Appraisal, LLC is on the roster of approved appraisers for Alabama.
We are certified and approved to do appraisal reports for FHA insured financial transactions.
Part of the continuing training our staff at Woods Appraisal, LLC receives deals strictly with comprehending 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 loan is an FHA-secured loan, it means it is insured by them.
The FHA does not loan money to borrowers. Rather, it provides lenders with protection through mortgage insurance in case the borrower defaults on his or her financial obligations.
Applicable to all consumers, FHA loan programs are made to assist credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans.
Different from the VA appraiser panel, the lending organization working with FHA is allowed to pick the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates.
The loan programs that the FHA provides are lifesavers to consumers with less starting capital.