Need an appraisal for an FHA-backed mortgage? Call West Michigan Appraisal
We are happy to say that West Michigan Appraisal is an FHA-certified appraisal service in MI. West Michigan Appraisal is qualified and approved to do reports for FHA insured financial transactions. Part of the periodic training our staff at West Michigan Appraisal completes deals strictly with comprehending the FHA's documentation and their rules and procedures.
Contact us today if you need to get an appraisal done on an FHA-insured loan.
The FHA is the Federal Housing Administration, which is a federal organization in the United States Department of Housing and Urban Development (HUD) - if your loan is an FHA-insured loan, it means it is secured by them. The FHA does not provide funds to borrowers, rather, it provides lenders with safety through mortgage insurance in case the borrower does not pay his or her financial obligations. Low-income and moderate-income borrowers benefit from an FHA-insured loan; the purpose of the Federal Housing Administration is to assist credit-worthy potential buyers to meet expectations and requirements for lending organizations that they otherwise would not.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. The loan programs that the FHA provides are incredibly beneficial to purchasers with less starting capital.