Rest assured that Las Vegas Appraisal Service, Inc. is an FHA-approved appraisal practice in Nevada.
This means that we are qualified and approved by the FHA to do appraisals for home loans insured by them.
FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Las Vegas Appraisal Service, Inc. is well-trained on how to work in accordance with the rules and regulations provided.
The FHA is the Federal Housing Administration, which is a federal agency in the United States Department of Housing and Urban Development (HUD); if your loan is an FHA-secured loan, it means it is underwritten by them.
The FHA does not provide funds to borrowers. Rather, it provides lending agencies with safety by offering mortgage insurance in case the borrower defaults on his or her loan obligations.
Low-income and moderate-income consumers benefit the most from FHA-backed loan programs. The point of the Federal Housing Administration is to aid credit-worthy potential buyers get approved for mortgages that they otherwise would not.
Remember that the lending organization working with the the Federal Housing Administration is permitted to select the appraisal company with which they'll work, different from VA appraisal panel.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Buyers with lower incomes or less starting funds to use as a down-payment on a loan are helped the most from Federal Housing Administration loan programs.
