is Virginia state certified and on the FHA Roster of approved residential appraisers. This means that we are qualified and approved by the FHA to do appraisal reports for house loans underwritten by them. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Atlantic Appraisal Solutions, LLC is well-trained on how to follow the rules and regulations provided.
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 loan is an FHA loan, it means it is backed by them. None of the money in the loan is provided by the FHA. What the FHA does is make sure that the loan is insured in case the borrower doesn't pay their loan. The FHA and their loan programs are created to assist low-to-moderate income buyers by easing credit requirements. Remember that the lender working with the the FHA is permitted to pick the appraisal company with which they'll work, different from VA appraisal panel. Down payments are often lower with an FHA loan despite using conventional market rates. The loan programs that the FHA provides are incredibly helpful to consumers with less starting income.