Need an appraisal for an FHA-backed mortgage? Call Northern Appraisal ServicesRest assured that Northern Appraisal Services is an FHA-certified appraisal firm in NY. We are certified and approved to do reports for FHA insured financial transactions. Part of the regular training our staff at Northern Appraisal Services receives deals exclusively with comprehending the FHA's documentation and their rules and procedures. Be sure to contact Northern Appraisal Services if you need an appraisal done for an FHA-secured loan. 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 loan, it means it is secured by them. The FHA does not loan money to borrowers, rather, it provides lenders with security through mortgage insurance in case the borrower defaults on his or her financial obligations. Low-income and moderate-income borrowers benefit from an FHA-insured financial transaction; the point of the Federal Housing Administration is to aid credit-worthy buyers to meet expectations and qualifications for lenders that they otherwise would not. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Buyers with lower income or less starting capital to use as a down-payment on a loan benefit the most from Federal Housing Administration loan programs. |