The FHA maintains a list of approved appraisers for each state - ELM Appraisal Associates is on the roster of approved appraisers for Pennsylvania.
We're certified and approved to do appraisals for FHA insured financial transactions.
A portion of the regular training our staff at ELM Appraisal Associates completes deals strictly with understanding the FHA's documentation and their rules and procedures.
If your home loan is FHA insured, that means that it has been secured by the FHA, which is underneath the United States Department of Housing and Urban Development (HUD).
The lending company takes care of all the money in the loan - the FHA simply secures the transaction with mortgage insurance in case the borrower does not pay off his or her loan.
The FHA and their loan programs are created to assist low-to-moderate income consumers by easing credit expectations.
Remember, the FHA deviates from the VA appraiser panel in that the lending agency can choose the appraiser.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates.
Buyers with lower incomes or less starting capital to use as a down-payment on a financial transaction are assisted the most from Federal Housing Administration loan programs.
