Eric HussRest assured that Eric Huss is an FHA-approved appraisal service in NY. This indicates that we are qualified and approved by the FHA to do appraisal reports for house loans backed by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents. If you need an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away. An FHA loan is secured by the Federal Housing Administration, a federal organization that is a part of the U.S. Department of Housing and Urban Development (HUD). The lending organization provides all the money in the loan; the FHA simply insures the loan with mortgage insurance in case the borrower defaults on his or her loan. Low-income and moderate-income homebuyers benefit from an FHA-backed financial transaction; the point of the Federal Housing Administration is to assist credit-worthy potential buyers to meet expectations and qualifications for lenders that they otherwise would not. Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. FHA loan programs are particularly useful to those homebuyers with less accessible cash. |