The FHA publishes the rolls of approved appraisers for each state - N. Compass Appraisals is on the roster of approved appraisers for California.
This means that we are qualified and approved by the FHA to do appraisals for property loans backed by them.
A portion of the regular training our staff at N. Compass Appraisals completes deals strictly with decoding 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-secured loan, it means it is insured by them.
None of the money in the loan is provided by the FHA. What the FHA does is make sure that the loan is taken care of 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 assist credit-worthy families and individuals get approved for mortgages that they otherwise would not.
Remember, the FHA deviates from the VA appraiser panel in that the lending agency can pick the appraisal company.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates.
The loan programs that the FHA provides are invaluable to buyers with less starting capital.