The FHA publishes a list of approved appraisers for each state - Davis M. Somers Company Inc. is on the roster of approved appraisers for Michigan.
If you have an FHA-loan, be sure to hire Davis M. Somers Company Inc., as we are approved and qualified to handle FHA appraisal reports.
Part of the ongoing training our staff at Davis M. Somers Company Inc. receives deals strictly with understanding the FHA's documentation and their rules and procedures.
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If you need an appraisal for an FHA loan, please contact us, and we'll be able to help you right away. |
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If your house loan is FHA certified, that means that the loan has been secured by the Federal Housing Administration, which is part of the United States Department of Housing and Urban Development (HUD).
The FHA does not loan money to borrowers, rather, it provides lenders with security through mortgage insurance in case the borrower does not pay his or her financial obligations.
Low-income and moderate-income borrowers benefit the most from FHA-secured loan programs; the point of the Federal Housing Administration is to assist credit-worthy families and individuals get approved for mortgages that they otherwise would not.
Remember, the FHA differs from the VA appraiser panel in that the lending agency can select the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Those with lesser income or less starting money to use as a down-payment on a financial transaction are assisted the most from Federal Housing Administration loan programs.