The FHA publishes the rolls of approved appraisers for each state - Cravens Appraisals is on the roster of approved appraisers for Tennessee.
We are certified and approved to do appraisal reports for FHA secured financial transactions.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
The FHA is the Federal Housing Administration, which is a federal agency in the United States Department of Housing and Urban Development (HUD); if your loan is an FHA loan, it means it is backed by them.
The lending organization takes care of all the money in the loan - the FHA simply insures the transaction through mortgage insurance in case the borrower does not pay off his or her loan.
The FHA and their loan programs are created to help low-to-moderate income consumers by easing credit qualifications.
Remember that the lending agency working with the the FHA is permitted to pick their appraisers, 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 invaluable to consumers with less starting income.
