The FHA keeps a list of approved appraisers for each state - JM Real Estate Service is on the roster of approved appraisers for Illinois. If you have an FHA-insured mortgage, be sure to contact JM Real Estate Service, as we are approved and qualified to perform FHA appraisals. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
If your property loan is FHA approved, that means that it has been guaranteed by the Federal Housing Administration, which is a branch of the United States Department of Housing and Urban Development (HUD). The FHA does not provide funds to borrowers. Rather, it provides lending agencies with safety by offering mortgage insurance in case the borrower defaults on his or her financial obligations. Low-income and moderate-income borrowers benefit the most from FHA-secured loan programs. The purpose of the Federal Housing Administration is to help credit-worthy families and individuals get approved for mortgages that they otherwise would not. Unlike the VA appraiser panel, the lending agency working with Federal Housing Administration has the freedom to pick the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Buyers with lesser incomes or less starting funds to put down on a loan are helped the most from Federal Housing Administration loan programs.
