The FHA retains the rolls of approved appraisers for each state - Key Appraisals is on the roster of approved appraisers for New York.
This means that we are qualified and approved by the FHA to do appraisal reports for property loans underwritten by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is underwritten by the Federal Housing Administration, a federal organization that is a part of the U.S. Department of Housing and Urban Development (HUD).
The lending company provides all the funds being borrowed - the FHA simply insures the loan with mortgage insurance in case the borrower defaults on his or her loan.
Accessible to all homebuyers, FHA loan programs are formed to help credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Remember that the lending agency approving a loan backed by the Federal Housing Administration is able to select which appraisers they will use, unlike the VA appraisal panel.
Down payments are often lower with an FHA loan despite using conventional market rates.
Buyers with lower incomes or less starting money to put down on a financial transaction are helped the most from Federal Housing Administration loan programs.
