We confidently state that Tradewinds Appraisals, LLC is an FHA-approved appraisal practice in Texas. This means that we are qualified and approved by the FHA to do appraisal reports for home loans underwritten by them. 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 organization that is a part of the U.S. Department of Housing and Urban Development (HUD). None of the money in the loan is provided by the FHA. What the FHA does is ensure that the loan is taken care of in case the borrower defaults on his or her loan obligations. The FHA and their loan programs are formed to aid low-to-moderate income buyers by easing credit expectations. Remember that the lender working with the the Federal Housing Administration is allowed to choose their appraisers, 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 particularly beneficial to those consumers with less available starting capital.
