The FHA publishes a list of approved appraisers for each state - Lisa Goss - Certified Residential Appraiser is on the roster of approved appraisers for Georgia. This means that we are certified and approved by the FHA to do appraisal reports for property loans underwritten by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
If your property loan is FHA insured, that means that the loan has been secured by the Federal Housing Administration, which is underneath the United States Department of Housing and Urban Development (HUD). None of the money in the loan is provided by the FHA. What the FHA does is see to it that the loan is taken care of in case the borrower doesn't pay their loan. Accessible to all homebuyers, FHA loan programs are designed to assist credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans. Unlike the VA appraiser panel, the lender working with FHA is allowed to select the appraiser.
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 offers are lifesavers to buyers with minimal starting income.
