Rest assured that Klein Appraisals, LLC is an FHA-approved appraisal practice in Maryland.
This indicates that we are certified and approved by the FHA to do appraisals for property loans insured by them.
A certain amount of the ongoing training our staff at Klein Appraisals, LLC completes deals strictly with comprehending 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 lending company takes care of all the funds being borrowed - the FHA simply secures the loan through mortgage insurance in case the borrower does not pay off his or her loan.
Low-income and moderate-income borrowers benefit the most from FHA-backed loan programs. The purpose of the Federal Housing Administration is to aid credit-worthy families and individuals get approved for mortgages that they otherwise would not.
Different from the VA appraiser panel, the lending agency working with FHA actually has the freedom 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.
Consumers with lower incomes or less starting money to use as a down-payment on a loan benefit the most from FHA loan programs.
