Need an appraisal for an FHA-backed mortgage? Call Wideman Appraisal Service, INC.We confidently state that Wideman Appraisal Service, INC. is an FHA-approved appraisal provider in Michigan. Wideman Appraisal Service, INC. is certified and approved to do appraisal reports for FHA insured financial transactions. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Wideman Appraisal Service is well-trained on how to follow the rules and regulations provided.
The FHA is the Federal Housing Administration, which is a federal agency in the United States Department of Housing and Urban Development (HUD); if your loan is an FHA-insured loan, it means it is secured by them. The FHA does not loan funds to borrowers. Rather, it provides lenders with security by offering mortgage insurance in case the borrower defaults on his or her financial obligations. Low-income and moderate-income consumers benefit the most from FHA-backed loan programs. The purpose of the Federal Housing Administration is to aid credit-worthy potential buyers get approved for mortgages that they otherwise would not. Remember that the lending organization working with the the Federal Housing Administration is able to select which appraisers they will use, different from VA appraisal panel.The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Purchasers with lesser incomes or less starting money to put down on a mortgage benefit the most from FHA loan programs.
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