The FHA retains a roster of approved appraisers for each state - 1st Appraisal Source is on the roster of approved appraisers for New Jersey. If you have an FHA-insured loan, be sure to call 1st Appraisal Source, as we are approved and qualified to perform FHA reports. Part of the regular training our staff at 1st Appraisal Source receives deals exclusively with understanding the FHA's documentation and their rules and procedures.
If your home loan is FHA insured, that means that the loan has been secured by the FHA, which is a branch of the United States Department of Housing and Urban Development (HUD). The FHA does not provide funds to borrowers. Rather, it provides lenders with protection by offering mortgage insurance in case the borrower does not pay his or her financial obligations. Accessible to all purchasers, FHA loan programs are created to aid credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans. Different from the VA appraiser panel, the lender working with FHA is allowed to pick the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. FHA loan programs are extremely useful to those purchasers with less accumulated funding.
