Rest assured that Richard Wood Appraisal Service is an FHA-approved appraisal practice in Alabama. If you have an FHA-secured loan, be sure to hire Richard Wood Appraisal Service, as we are approved and certified to perform FHA appraisals. Part of the continuing training our staff at Richard Wood Appraisal Service completes deals exclusively with comprehending the FHA's documentation and their rules and procedures.
If your home loan is FHA approved, that means that it has been secured by the FHA, which is underneath the United States Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers. Rather, it provides lenders with security through mortgage insurance in case the borrower defaults on his or her loan obligations. Accessible to all consumers, FHA loan programs are formed to assist credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans. Unlike the VA appraiser panel, the lending agency working with FHA is allowed to pick the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. FHA loan programs are incredibly useful to those purchasers with less available starting capital.
