Rest assured that RJS Appraisals is an FHA-approved appraisal provider in New York. This means that we are certified and approved by the FHA to do appraisals for property loans insured by them. Part of the periodic training our staff at RJS Appraisals receives deals precisely with comprehending the FHA's documentation and their rules and procedures.
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 lending organization provides all the funds being borrowed - the FHA simply backs the loan through mortgage insurance in case the borrower defaults on his or her loan. Low-income and moderate-income borrowers benefit the most from FHA-secured loan programs. The purpose of the Federal Housing Administration is to help credit-worthy families and individuals get approved for mortgages that they otherwise would not. Unlike the VA appraiser panel, the lending organization working with FHA is allowed to pick the appraiser. Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. Purchasers with lower incomes or less starting money to put down on a loan are assisted the most from FHA loan programs.