The FHA publishes a roster of approved appraisers for each state - Midwest Appraisal Associates, LLC is on the roster of approved appraisers for Ohio.
This indicates that we are certified and approved by the FHA to do appraisal reports for house loans underwritten by them.
Part of the continuing training our staff at Midwest Appraisal Associates, LLC undergoes deals exclusively with understanding the FHA's documentation and their rules and procedures.
If your house loan is FHA certified, that means that the loan has been secured by the Federal Housing Administration, which is a branch of the United States Department of Housing and Urban Development (HUD).
The FHA does not loan money to borrowers. Rather, it provides lending organizations with safety by offering mortgage insurance in case the borrower does not pay his or her loan obligations.
Accessible to all consumers, FHA loan programs are designed to aid credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Remember that the lending agency working with the the FHA is allowed to select the appraisal company with which they'll work, different from VA appraisal panel.
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 helpful to purchasers with minimal starting capital.