We confidently state that BenchMark Appraisals LLC is an FHA-approved appraisal firm in West Virginia.
This means that we are qualified and approved by the FHA to do reports for property loans backed by them.
A certain amount of the regular training our staff at BenchMark Appraisals LLC undergoes deals exclusively 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 financial transaction is an FHA-secured loan, it means it is underwritten by them.
The lending organization takes care of all the loaned money - the FHA simply backs the loan with mortgage insurance in case the borrower defaults on his or her loan.
The FHA and their loan programs are formed to assist low-to-moderate income buyers by easing credit expectations.
Remember that the lending organization approving a loan associated with the Federal Housing Administration is free 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 provides are lifesavers to purchasers with less starting capital.