Rest assured that Precision Appraisal & Review is an FHA-approved appraisal company in Michigan.
If you have an FHA-loan, be sure to get with Precision Appraisal & Review, as we are approved and qualified to perform FHA reports.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is underwritten by the Federal Housing Administration, a federal organization within the U.S. Department of Housing and Urban Development (HUD).
The FHA does not provide funds to borrowers. Rather, it provides lending agencies with safety with mortgage insurance in case the borrower does not pay his or her loan obligations.
Accessible to all homebuyers, FHA loan programs are formed to assist credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans.
Remember that the lender approving a loan associated with the FHA is permitted to choose which appraisers they work with, different from VA appraisal panel.
Down payments are often lower with an FHA loan despite using conventional market rates.
Consumers with lower incomes or less starting money to use as a down-payment on a financial transaction are assisted the most from FHA loan programs.
