Rest assured that DataSource Appraisal is an FHA-certified appraisal practice in Iowa.
If you have an FHA-secured loan, be sure to get with DataSource Appraisal, as we are approved and qualified to perform FHA reports.
A certain amount of the ongoing training our staff at DataSource Appraisal completes deals exclusively with understanding the FHA's documentation and their rules and procedures.
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-insured loan, it means it is backed by them.
The FHA does not loan capital to borrowers. Rather, it provides lending agencies with safety by offering mortgage insurance in case the borrower does not pay his or her loan obligations.
Applicable to all buyers, FHA loan programs are formed to assist credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans.
Remember that the lending agency working with the the FHA is able to select their appraisers, unlike the 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.
FHA loan programs are incredibly helpful to those buyers with less available cash.
