The FHA retains a list of approved appraisers for each state - J DeMars Real Estate Appraisal is on the roster of approved appraisers for New Jersey.
If you have an FHA-secured mortgage, be sure to call J DeMars Real Estate Appraisal, as we are approved and qualified to handle FHA appraisal reports.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
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 loan, it means it is backed by them.
The lender takes care of all the financing - the FHA simply backs the loan with mortgage insurance in case the borrower defaults on his or her loan.
The FHA and their loan programs are designed to aid low-to-moderate income homebuyers by easing credit expectations.
Remember that the lending agency approving a loan backed by the FHA is free to select their appraisers, different from 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 offers are invaluable to buyers with minimal starting income.
