We are happy to say that Colman Appraisal Service is an FHA-certified appraisal firm in Washington. This indicates that we are certified and approved by the FHA to do appraisals for house loans underwritten by them. A portion of the continuing training our staff at Colman Appraisal Service undergoes deals strictly with comprehending the FHA's documentation and their rules and procedures.
If your financial transaction is FHA insured, that means that the loan has been guaranteed by the Federal Housing Administration, which is underneath the United States Department of Housing and Urban Development (HUD). No part of the loan is provided by the FHA; what the FHA does is ensure that the loan is secure in case the borrower defaults on his or her loan obligations. The FHA and their loan programs are built to aid low-to-moderate income homebuyers by easing credit requirements. Remember that the lending agency approving a loan associated with the FHA is permitted to choose their appraisers, different from VA appraisal panel. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. The loan programs that the FHA offers are invaluable to consumers with minimal starting capital.