We are happy to say that Fast Track Appraisals is an FHA-certified appraisal company in Washington.
We are certified and approved to do appraisal reports for FHA secured financial transactions.
A certain amount of the regular training our staff at Fast Track Appraisals undergoes deals exclusively 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 loan, it means it is backed by them.
None of the funds are provided by the FHA. What the FHA does is ensure that the mortgage is paid for in case the borrower defaults on his or her loan obligations.
Applicable to all purchasers, FHA loan programs are created to aid credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Remember, the FHA deviates from the VA appraiser panel in that the lender can select the appraisal company.
Down payments are often lower with an FHA loan despite using conventional market rates.
The loan programs that the FHA offers are lifesavers to consumers with less starting capital.
