Need an appraisal for an FHA-backed mortgage? Call Tidewater Home Appraisals, Inc.Tidewater Home Appraisals, Inc. is Virginia state certified and on the FHA Roster of approved residential appraisers. If you have an FHA-secured mortgage, we are approved and certified to handle FHA reports. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is secured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). None of the funds are provided by the FHA. What the FHA does is make sure that the loan is paid for in case the borrower doesn't pay their loan. Low-income and moderate-income borrowers benefit the most from FHA-insured loan programs. The point of the Federal Housing Administration is to aid credit-worthy consumers get approved for mortgages that they otherwise would not. Unlike the VA appraiser panel, the lending organization working with Federal Housing Administration actually has the ability to choose 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. FHA loan programs are extremely useful to those homebuyers with less accessible cash.An appraisal for an FHA-backed loan is more extensive than for a conventional loan, as the FHA requires appraisers to physically observe the functioning of the property's electrical, mechanical, and plumbing systems, as well as observe the attic and crawl spaces if present. If you are obtaining an FHA-backed loan, you can prepare for the appraisal by clearing access to the attic and crawl spaces and making sure the property meets FHA Minimum Property Requirements (MPR). Tidewater Home Appraisals can help you understand the MPR, and they can be found on the HUD/FHA website at HUD.gov. |
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