The FHA publishes a roster of approved appraisers for each state - Michigan Appraisal Company, Inc. is on the roster of approved appraisers for Michigan.
Michigan Appraisal Company, Inc. is certified and approved to do appraisals for FHA secured financial transactions.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
If your house loan is FHA approved, that means that it has been guaranteed by the FHA, which is underneath the United States Department of Housing and Urban Development (HUD).
The FHA does not loan funds to borrowers, rather, it provides lending organizations with safety by offering mortgage insurance in case the borrower does not pay his or her loan obligations.
Applicable to all purchasers, FHA loan programs are created to assist credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Remember, the FHA differs from the VA appraiser panel in that the lending organization can choose the appraisal company.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Purchasers with lesser income or less starting funds to use as a down-payment on a mortgage benefit the most from FHA loan programs.