R. Scott Pierce Appraisal Services is approved for FHA loans
The FHA maintains of approved appraisers for each state - R. Scott Pierce Appraisal Services is on the roster of approved appraisers for MS. This indicates that we are certified and approved by the FHA to do appraisals for house loans insured by them. Part of the ongoing training our staff at R. Scott Pierce Appraisal Services receives deals precisely with decoding the FHA's documentation and their rules and procedures.
Contact us today if you need to get an appraisal done on an FHA-insured loan.
An FHA loan is backed by the Federal Housing Administration, a federal agency that is a part of the U.S. Department of Housing and Urban Development (HUD). None of the funds are provided by the FHA; what the FHA does is ensure that the mortgage is secure in case the borrower defaults on his or her loan obligations. Low-income and moderate-income borrowers benefit from an FHA-secured financial transaction; the purpose of the Federal Housing Administration is to aid credit-worthy potential buyers to meet expectations and necessities for lending organizations that they otherwise would not.
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 lesser income or less starting funds to use as a down-payment on a loan are helped the most from Federal Housing Administration loan programs.