We assure you that Midwest Appraisers & Consultants, Inc. is an FHA-approved appraisal service in Illinois.
This means that we are qualified and approved by the FHA to do appraisal reports for home loans insured by them.
A portion of the continuing training our staff at Midwest Appraisers & Consultants, Inc. receives deals precisely with decoding the FHA's documentation and their rules and procedures.
If your financial transaction is FHA approved, that means that it has been guaranteed by the Federal Housing Administration, which is underneath the United States Department of Housing and Urban Development (HUD).
The FHA does not provide funds to borrowers. Rather, it provides lending agencies with protection through mortgage insurance in case the borrower does not pay his or her loan obligations.
The FHA and their loan programs are built to aid low-to-moderate income buyers by easing credit qualifications.
Remember that the lending agency approving a loan associated with the Federal Housing Administration is permitted to pick which appraisers they will use, 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 offers are incredibly useful to buyers with minimal starting capital.