We are happy to say that Mid Shore Appraisal Services, LLC is an FHA-certified appraisal firm in Maryland.
This indicates that we are certified and approved by the FHA to do reports for house loans backed by them.
FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Mid Shore Appraisal Services, LLC is well-trained on how to follow the rules and regulations provided.
The FHA is the Federal Housing Administration, which is a federal agency in the United States Department of Housing and Urban Development (HUD); if your loan is an FHA loan, it means it is secured by them.
The lending company takes care of all the loaned money - the FHA simply secures the transaction by providing mortgage insurance in case the borrower does not pay off his or her loan.
The FHA and their loan programs are designed to assist low-to-moderate income consumers by easing credit requirements.
Unlike the VA appraiser panel, the lending agency working with Federal Housing Administration actually has the ability to select the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Consumers with lesser incomes or less starting capital to use as a down-payment on a loan benefit the most from FHA loan programs.
