Need an appraisal for an FHA-backed mortgage? Call Premier Appraisals, Inc.Rest assured that Premier Appraisals, Inc. is an FHA-approved appraisal provider in New York. This means that we are certified and approved by the FHA to do reports for property loans insured by them. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Premier Appraisals, Inc. is well-trained on how to comply with the rules and regulations provided.
If your loan is FHA insured, that means that it has been secured by the Federal Housing Administration, which is underneath the United States Department of Housing and Urban Development (HUD). None of the funds are provided by the FHA. What the FHA does is make sure that the loan is taken care of in case the borrower defaults on his or her loan obligations. Low-income and moderate-income borrowers benefit the most from FHA-secured loan programs. The purpose of the Federal Housing Administration is to help 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 lending agency can select 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. The loan programs that the Federal Housing Administration offers are invaluable to buyers with minimal starting capital.