The FHA keeps the rolls of approved appraisers for each state - Ascension Appraisal is on the roster of approved appraisers for Massachusetts.
This means that we are certified and approved by the FHA to do appraisal reports for home loans backed by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
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 insured by them.
The lending organization provides all the money in the loan - the FHA simply secures the loan with mortgage insurance in case the borrower does not pay off his or her loan.
Low-income and moderate-income borrowers benefit the most from FHA-insured loan programs. The point of the Federal Housing Administration is to assist credit-worthy buyers get approved for mortgages that they otherwise would not.
Remember, the FHA is different from the VA appraiser panel in that the lending organization can pick the appraiser.
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 funds to use as a down-payment on a mortgage are assisted the most from FHA loan programs.
