The FHA keeps the rolls of approved appraisers for each state - James Earp Appraisal Service is on the roster of approved appraisers for North Carolina.
This indicates that we are qualified and approved by the FHA to do appraisal reports for home loans underwritten by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
If your loan is FHA insured, that means that it 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 money to borrowers. Rather, it provides lenders with safety through mortgage insurance in case the borrower defaults on his or her loan obligations.
Low-income and moderate-income consumers benefit the most from FHA-backed loan programs. The purpose of the Federal Housing Administration is to aid credit-worthy potential buyers get approved for mortgages that they otherwise would not.
Remember, the FHA is different from the VA appraiser panel in that the lending organization can choose the appraisal company.
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 lifesavers to buyers with less starting income.
