is California state certified and on the FHA Roster of approved residential appraisers. If you have an FHA-mortgage, be sure to get with McHugh Appraisal Service, as we are approved and qualified to produce FHA appraisals. Part of the periodic training our staff at McHugh Appraisal Service receives deals precisely with comprehending the FHA's documentation and their rules and procedures.
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If you're in need of an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away. |
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If your loan is FHA approved, that means that it has been guaranteed by the Federal Housing Administration, which is underneath the United States Department of Housing and Urban Development (HUD). The lending organization provides all the funds being borrowed - the FHA simply secures the transaction through mortgage insurance in case the borrower defaults on his or her loan. The FHA and their loan programs are built to benefit low-to-moderate income purchasers by easing credit expectations. Remember that the lending organization approving a loan backed by the FHA is free to choose which appraisers they work with, different from VA appraisal panel.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. FHA loan programs are particularly helpful to those consumers with less accumulated funding.