We are happy to say that Fitzgibbons & Associates is an FHA-approved appraisal provider in Illinois.
This means that we are qualified and approved by the FHA to do appraisals for property loans backed by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
If your loan is FHA certified, that means that the loan has been guaranteed by the Federal Housing Administration, which is a branch of the United States Department of Housing and Urban Development (HUD).
None of the funds are provided by the FHA; what the FHA does is make sure that the loan is secure in case the borrower defaults on his or her loan obligations.
Low-income and moderate-income borrowers benefit the most from FHA-insured loan programs; the purpose of the Federal Housing Administration is to assist credit-worthy potential buyers get approved for mortgages that they otherwise would not.
Remember, the FHA deviates from the VA appraiser panel in that the lending organization can select the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates.
FHA loan programs are extremely helpful to those homebuyers with less accessible funding.
