West Michigan Appraisal
Rest assured that West Michigan Appraisal is an FHA-approved appraisal practice in MI. If you have an FHA-mortgage, be sure to hire West Michigan Appraisal, as we are approved and qualified to produce FHA reports. FHA's guidelines, documentation and policies may seem difficult to grasp, but the staff at West Michigan Appraisal is well-trained on how to follow the rules and regulations provided.
If you need an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away.
An FHA loan is insured by the Federal Housing Administration, a federal organization within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lending agencies with safety by offering mortgage insurance in case the borrower defaults on his or her financial obligations. Low-income and moderate-income borrowers benefit from an FHA-secured loan; the point of the Federal Housing Administration is to assist credit-worthy potential buyers to meet expectations and necessities for lenders 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. FHA loan programs are incredibly useful to those purchasers with less accumulated funding.