We are happy to say that Tri-County Appraisal is an FHA-approved appraisal provider in New York.
This indicates that we are qualified and approved by the FHA to do appraisals for property loans underwritten by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is insured by the Federal Housing Administration, a federal organization that is a part of the U.S. Department of Housing and Urban Development (HUD).
The lender takes care of all the funds being borrowed - the FHA simply insures the loan with mortgage insurance in case the borrower defaults on his or her loan.
The FHA and their loan programs are created to aid low-to-moderate income buyers by easing credit requirements.
Remember, the FHA is different from the VA appraiser panel in that the lending organization can choose the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates.
The loan programs that the Federal Housing Administration offers are lifesavers to purchasers with minimal starting capital.
