Rest assured that Patterson Appraisal Service is an FHA-approved appraisal provider in Texas.
We are certified and approved to do appraisal reports for FHA insured loans.
FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Patterson Appraisal Service is well-trained on how to work in accordance with the rules and regulations provided.
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 financial transaction is an FHA loan, it means it is backed by them.
The FHA does not loan capital to borrowers. Rather, it provides lending organizations with security with mortgage insurance in case the borrower does not pay his or her loan obligations.
Applicable to all purchasers, FHA loan programs are built to help credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Remember that the lending organization approving a loan associated with the Federal Housing Administration is free to select which appraisers they work with, unlike the VA appraisal panel.
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 lesser incomes or less starting money to put down on a mortgage are assisted the most from Federal Housing Administration loan programs.
