Vogitt Appraisal & Associates is ready for your FHA backed loansThe FHA retains the rolls of approved appraisers for each state - Vogitt Appraisal & Associates appraisers are on the roster of approved appraisers for North Carolina. This means that we are certified and approved by the FHA to do appraisal reports for home loans backed by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is secured by the Federal Housing Administration, a federal organization within the U.S. 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 mortgage is insured in case the borrower defaults on his or her loan obligations. Low-income and moderate-income consumers benefit the most from FHA-secured loan programs. The point of the Federal Housing Administration is to help credit-worthy consumers get approved for mortgages that they otherwise would not. Remember that the lending organization working with the the Federal Housing Administration is authorized to pick their appraisers, different from 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 useful to those purchasers with less accumulated cash. |
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