The FHA retains the rolls of approved appraisers for each state - Seaway Appraisals is on the roster of approved appraisers for New York.
If you have an FHA-insured loan, be sure to get with Seaway Appraisals, as we are approved and certified to perform FHA appraisal reports.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is backed by the Federal Housing Administration, a federal organization within the U.S. Department of Housing and Urban Development (HUD).
The lending company takes care of all the money in the loan - the FHA simply insures the loan by providing mortgage insurance in case the borrower defaults on his or her loan.
The FHA and their loan programs are designed to benefit low-to-moderate income buyers by easing credit expectations.
Remember that the lender approving a loan backed by the Federal Housing Administration is authorized to pick the appraisal company with which they'll work, 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.
FHA loan programs are incredibly useful to those purchasers with less accumulated funding.
