is Alabama state certified and on the FHA Roster of approved residential appraisers. This means that we are qualified and approved by the FHA to do appraisal reports for home loans backed by them. FHA's guidelines, documentation and policies may seem difficult to grasp, but the staff at Wiregrass Appraisal Services, Inc. is well-trained on how to comply with the rules and regulations provided.
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 underwritten by them. The FHA does not provide funds to borrowers. Rather, it provides lending organizations with security with mortgage insurance in case the borrower defaults on his or her financial obligations. Low-income and moderate-income homebuyers benefit the most from FHA-backed loan programs. The point of the Federal Housing Administration is to assist credit-worthy potential buyers get approved for mortgages that they otherwise would not.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. The loan programs that the Federal Housing Administration provides are lifesavers to buyers with less starting income.
