Rest assured that SNS Appraisals is an FHA-approved appraisal provider in Washington.
If you have an FHA-mortgage, be sure to contact SNS Appraisals, as we are approved and certified to perform FHA reports.
FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at SNS Appraisals is well-trained on how to follow 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-insured loan, it means it is backed by them.
The lender takes care of all the financing - the FHA simply insures the loan with mortgage insurance in case the borrower does not pay off his or her loan.
Low-income and moderate-income consumers benefit the most from FHA-insured loan programs. The point of the Federal Housing Administration is to assist credit-worthy consumers get approved for mortgages that they otherwise would not.
Remember that the lender approving a loan associated with the FHA is able to pick the appraisal company with which they'll work, different from 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.
The loan programs that the FHA offers are lifesavers to purchasers with less starting income.
