The FHA publishes a roster of approved appraisers for each state - Confidential Appraisal Services, LLC is on the roster of approved appraisers for Maine.
This means that we are qualified and approved by the FHA to do appraisal reports for property loans backed by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is backed by the Federal Housing Administration, a federal organization within the U.S. Department of Housing and Urban Development (HUD).
The FHA does not loan capital to borrowers. Rather, it provides lenders with safety by offering mortgage insurance in case the borrower does not pay his or her loan obligations.
Low-income and moderate-income borrowers benefit the most from FHA-insured loan programs. The purpose of the Federal Housing Administration is to assist credit-worthy potential buyers get approved for mortgages that they otherwise would not.
Remember, the FHA differs from the VA appraiser panel in that the lending agency can pick the appraisal company.
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 Federal Housing Administration offers are lifesavers to purchasers with minimal starting income.
