The FHA keeps a list of approved appraisers for each state - Hampton Roads Valuations is on the roster of approved appraisers for Virginia.
Hampton Roads Valuations is qualified and approved to do appraisals for FHA insured loans.
FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Hampton Roads Valuations is well-trained on how to work in accordance with the rules and regulations provided.
If your financial transaction is FHA approved, that means that the loan has been guaranteed by the Federal Housing Administration, which is part of the United States Department of Housing and Urban Development (HUD).
The lending company takes care of all the money in the loan - the FHA simply secures the loan through mortgage insurance in case the borrower defaults on his or her loan.
Accessible to all purchasers, FHA loan programs are created to help credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Remember that the lending agency working with the the FHA is free to pick their appraisers, unlike the VA appraisal panel.
Down payments are often lower with an FHA loan despite using conventional market rates.
FHA loan programs are particularly useful to those buyers with less accessible cash.
