The FHA retains a list of approved appraisers for each state - Bohning Appraisals is on the roster of approved appraisers for Louisiana.
We're qualified and approved to do appraisals for FHA secured loans.
FHA's guidelines, documentation and policies may seem difficult to comprehend, but the staff at Bohning Appraisals is well-trained on how to comply with the rules and regulations provided.
If your home loan is FHA insured, that means that the loan has been secured by the Federal Housing Administration, which is a branch of the United States Department of Housing and Urban Development (HUD).
The lender takes care of all the funds being borrowed - the FHA simply secures the transaction with mortgage insurance in case the borrower does not pay off his or her loan.
Low-income and moderate-income homebuyers benefit the most from FHA-secured loan programs. The purpose of the Federal Housing Administration is to help credit-worthy buyers get approved for mortgages that they otherwise would not.
Remember that the lender approving a loan backed by the FHA is able to choose the appraisal company with which they'll work, unlike the VA appraisal panel.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
FHA loan programs are incredibly helpful to those purchasers with less available starting capital.
