The FHA maintains a roster of approved appraisers for each state - Smith Appraisal is on the roster of approved appraisers for New Mexico.
This indicates that we are qualified and approved by the FHA to do appraisal reports for home loans underwritten by them.
A portion of the ongoing training our staff at Smith Appraisal undergoes deals precisely with understanding the FHA's documentation and their rules and procedures.
The FHA is the Federal Housing Administration, which is a federal organization in the United States Department of Housing and Urban Development (HUD); if your financial transaction is an FHA loan, it means it is underwritten by them.
The lending organization provides all the money in the loan - the FHA simply insures the loan by providing mortgage insurance in case the borrower does not pay off his or her loan.
The FHA and their loan programs are designed to benefit low-to-moderate income homebuyers by easing credit requirements.
Remember that the lending organization approving a loan backed by the FHA is allowed to select which appraisers they work with, 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.
FHA loan programs are incredibly helpful to those buyers with less accessible starting capital.
