Rest assured that ALLIED REAL ESTATE APPRAISERS, INC. is an FHA-approved appraisal firm in Michigan.
ALLIED REAL ESTATE APPRAISERS, INC. is qualified and approved to do appraisals for FHA secured financial transactions.
FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at ALLIED REAL ESTATE APPRAISERS, INC. is well-trained on how to comply with the rules and regulations provided.
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 underwritten by them.
The FHA does not provide funds to borrowers. Rather, it provides lenders with security through mortgage insurance in case the borrower does not pay his or her financial obligations.
Low-income and moderate-income consumers benefit the most from FHA-backed loan programs. The point of the Federal Housing Administration is to help credit-worthy consumers get approved for mortgages that they otherwise would not.
Remember, the FHA differs from the VA appraiser panel in that the lender can select the appraisal company.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
FHA loan programs are extremely helpful to those purchasers with less available cash.