The FHA maintains the rolls of approved appraisers for each state - N.W. Appraisal Network is on the roster of approved appraisers for Oregon.
N.W. Appraisal Network is qualified and approved to do appraisals for FHA secured loans.
FHA's guidelines, documentation and policies may seem difficult to grasp, but the staff at N.W. Appraisal Network is well-trained on how to work in accordance with the rules and regulations provided.
If your house loan is FHA insured, that means that the loan has been secured by the Federal Housing Administration, which is part of the United States Department of Housing and Urban Development (HUD).
The FHA does not loan funds to borrowers. Rather, it provides lending agencies with protection by offering mortgage insurance in case the borrower does not pay his or her financial obligations.
Low-income and moderate-income borrowers benefit the most from FHA-secured loan programs. The point of the Federal Housing Administration is to assist credit-worthy buyers get approved for mortgages that they otherwise would not.
Remember that the lender approving a loan backed by the Federal Housing Administration is allowed to select which appraisers they will use, unlike the 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.
The loan programs that the Federal Housing Administration provides are invaluable to purchasers with minimal starting income.
