The FHA retains the rolls of approved appraisers for each state - Pacific Property Appraisals is on the roster of approved appraisers for Washington.
Pacific Property Appraisals is qualified and approved to do appraisal reports for FHA secured financial transactions.
A certain amount of the periodic training our staff at Pacific Property Appraisals receives deals exclusively with decoding the FHA's documentation and their rules and procedures.
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 backed by them.
The FHA does not provide funds to borrowers. Rather, it provides lending organizations with safety through mortgage insurance in case the borrower defaults on his or her financial obligations.
The FHA and their loan programs are designed to help low-to-moderate income consumers by easing credit requirements.
Unlike the VA appraiser panel, the lender working with Federal Housing Administration is allowed to choose the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates.
The loan programs that the FHA offers are lifesavers to buyers with minimal starting income.
