is Virginia state certified and on the FHA Roster of approved residential appraisers. If you have an FHA-loan, be sure to contact Morton Appraisal Services, as we are approved and certified to produce FHA appraisals. A portion of the regular training our staff at Morton Appraisal Services undergoes deals precisely 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 backed 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 paid for in case the borrower defaults on his or her loan obligations. Low-income and moderate-income consumers benefit the most from FHA-insured loan programs. The purpose of the Federal Housing Administration is to aid credit-worthy buyers get approved for mortgages that they otherwise would not. Remember, the FHA deviates from the VA appraiser panel in that the lending agency can choose 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 provides are invaluable to buyers with less starting income.