The FHA retains a roster of approved appraisers for each state - Duncan Appraisals is on the roster of approved appraisers for New Jersey. This means that we are qualified and approved by the FHA to do appraisal reports for property loans underwritten by them. FHA's guidelines, documentation and policies may seem difficult to comprehend, but the staff at Duncan Appraisals is well-trained on how to work in accordance with the rules and regulations provided.
An FHA loan is backed 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 takes care of all the loaned money - the FHA simply insures the transaction with mortgage insurance in case the borrower defaults on his or her loan. Low-income and moderate-income homebuyers benefit the most from FHA-backed loan programs. The purpose of the Federal Housing Administration is to help 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 select the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates. Purchasers with lower incomes or less starting money to put down on a loan benefit the most from Federal Housing Administration loan programs.
