Rest assured that Williams Appraisal Service is an FHA-certified appraisal provider in Tennessee. This indicates that we are certified and approved by the FHA to do appraisal reports for house loans insured by them. A certain amount of the ongoing training our staff at Williams Appraisal Service receives deals exclusively with understanding the FHA's documentation and their rules and procedures.
The FHA is the Federal Housing Administration, which is a federal organization in the United States Department of Housing and Urban Development (HUD); if your financial transaction is an FHA loan, it means it is insured by them. The lending company takes care of all the funds being borrowed - the FHA simply insures the transaction with mortgage insurance in case the borrower does not pay off his or her loan. Accessible to all homebuyers, FHA loan programs are formed to assist credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans. Unlike the VA appraiser panel, the lender working with Federal Housing Administration is allowed to select the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. The loan programs that the FHA provides are invaluable to purchasers with minimal starting capital.
