We assure you that Anderson Appraisals is an FHA-approved appraisal company in ID. We are qualified and approved to do reports for FHA insured loans. A portion of the regular training our staff at Anderson Appraisals completes deals strictly with comprehending the FHA's documentation and their rules and procedures.
Be sure to contact Anderson Appraisals if you need an appraisal done for an FHA-secured loan.
An FHA loan is backed by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not provide funds to borrowers, rather, it provides lenders with security by offering mortgage insurance in case the borrower defaults on his or her loan obligations. Low-income and moderate-income consumers benefit from an FHA-backed loan; the point of the Federal Housing Administration is to aid credit-worthy potential buyers to meet expectations and necessities for lending agencies that they otherwise would not.
Down payments are often lower with an FHA loan despite using conventional market rates. Purchasers with lesser income or less starting money to use as a down-payment on a mortgage benefit the most from Federal Housing Administration loan programs.