is Texas state certified and on the FHA Roster of approved residential appraisers. If you have an FHA-secured mortgage, be sure to get with Patterson Appraisal Service, as we are approved and certified to produce FHA reports. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
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If you need an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away. |
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The FHA is the Federal Housing Administration, which is a federal agency in the United States Department of Housing and Urban Development (HUD); if your loan is an FHA-secured loan, it means it is secured by them. The lender provides all the money in the loan - the FHA simply insures the loan by providing mortgage insurance in case the borrower defaults on his or her loan. Accessible to all consumers, FHA loan programs are formed to aid credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans. Remember, the FHA is different from the VA appraiser panel in that the lending organization can choose the appraisal company.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Those with lesser incomes or less starting money to use as a down-payment on a loan are assisted the most from Federal Housing Administration loan programs.
