The FHA maintains a list of approved appraisers for each state - Rick Fuquay Appraisals is on the roster of approved appraisers for North Carolina.
This indicates that we are qualified and approved by the FHA to do appraisals for property loans insured by them.
FHA's guidelines, documentation and policies may seem difficult to comprehend, but the staff at Rick Fuquay Appraisals is well-trained on how to comply with the rules and regulations provided.
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).
The FHA does not loan money to borrowers. Rather, it provides lenders with safety through mortgage insurance in case the borrower does not pay his or her loan obligations.
The FHA and their loan programs are designed to help low-to-moderate income consumers by easing credit qualifications.
Different from the VA appraiser panel, the lending agency working with FHA is allowed to choose 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.
Those with lesser incomes or less starting money to put down on a mortgage are helped the most from Federal Housing Administration loan programs.
