Need an appraisal for an FHA-backed mortgage? Call Prestige AppraisalsThe FHA retains of approved appraisers for each state - Prestige Appraisals is on the roster of approved appraisers for NY. This means that we are qualified and approved by the FHA to do reports for property loans insured by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents. If you need an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away. An FHA loan is underwritten by the Federal Housing Administration, a federal organization that is a part of the U.S. Department of Housing and Urban Development (HUD). The lending company provides all the loaned money; the FHA simply backs the transaction by providing mortgage insurance in case the borrower defaults on his or her loan. Low-income and moderate-income borrowers benefit from an FHA-secured financial transaction; the purpose of the Federal Housing Administration is to assist credit-worthy buyers to meet expectations and qualifications for lending organizations that they otherwise would not. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Consumers with lower income or less starting funds to put down on a loan are assisted the most from Federal Housing Administration loan programs. |