The FHA maintains a roster of approved appraisers for each state - Russell Appraisal Service is on the roster of approved appraisers for Indiana. This indicates that we are certified and approved by the FHA to do appraisals for house loans underwritten by them. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Russell Appraisal Service is well-trained on how to work in accordance with the rules and regulations provided.
An FHA loan is underwritten by the Federal Housing Administration, a federal organization that is a part of the U.S. Department of Housing and Urban Development (HUD). None of the money in the loan is provided by the FHA. What the FHA does is ensure that the loan is insured in case the borrower doesn't pay their loan. The FHA and their loan programs are designed to help low-to-moderate income purchasers by easing credit expectations. Remember, the FHA is different from the VA appraiser panel in that the lending agency can pick the appraisal company.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. The loan programs that the Federal Housing Administration provides are lifesavers to buyers with minimal starting income.
