We are happy to say that Sandcastle Management & Realty is an FHA-approved appraisal company in Illinois. This means that we are qualified and approved by the FHA to do reports for house loans underwritten by them. A certain amount of the continuing training our staff at Sandcastle Management & Realty receives deals strictly with understanding 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 insured by them. None of the funds are provided by the FHA. What the FHA does is see to it that the mortgage is secure in case the borrower doesn't pay their loan. Low-income and moderate-income homebuyers benefit the most from FHA-insured loan programs. The point of the Federal Housing Administration is to help credit-worthy consumers get approved for mortgages that they otherwise would not. Remember, the FHA differs from the VA appraiser panel in that the lending agency can select the appraisal company.
Down payments are often lower with an FHA loan despite using conventional market rates. FHA loan programs are extremely beneficial to those buyers with less available funding.
