The FHA publishes a list of approved appraisers for each state - Downing Reed Agency is on the roster of approved appraisers for Wyoming. This means that we are qualified and approved by the FHA to do appraisal reports for home loans underwritten by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
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. None of the funds are provided by the FHA. What the FHA does is ensure that the loan is insured in case the borrower defaults on his or her loan obligations. Low-income and moderate-income homebuyers benefit the most from FHA-insured loan programs. The purpose of the Federal Housing Administration is to help credit-worthy consumers 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 appraisal company.
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 offers are lifesavers to buyers with less starting income.
