We confidently state that GMA Appraisal Group is an FHA-approved appraisal practice in Arizona.
This means that we are certified and approved by the FHA to do reports for home loans underwritten by them.
A certain amount of the regular training our staff at GMA Appraisal Group completes deals strictly with decoding the FHA's documentation and their rules and procedures.
The FHA is the Federal Housing Administration, which is a federal organization in the United States Department of Housing and Urban Development (HUD); if your loan is an FHA-secured loan, it means it is insured by them.
The FHA does not loan funds to borrowers. Rather, it provides lenders with protection 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-insured loan programs. The point of the Federal Housing Administration is to help credit-worthy buyers get approved for mortgages that they otherwise would not.
Remember, the FHA differs from the VA appraiser panel in that the lender can choose the appraisal company.
Down payments are often lower with an FHA loan despite using conventional market rates.
The loan programs that the FHA provides are lifesavers to purchasers with minimal starting income.
