Need an appraisal for an FHA-backed mortgage? Call Parkway Appraisals
Rest assured that Parkway Appraisals is an FHA-approved appraisal service in NC. This indicates that we are certified and approved by the FHA to do reports for home loans underwritten by them. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Parkway Appraisals is well-trained on how to comply with the rules and regulations provided.
If you're in need of an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away.
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-secured loan, it means it is secured by them. The FHA does not loan capital to borrowers, rather, it provides lending agencies with protection through mortgage insurance in case the borrower defaults on his or her loan obligations. Low-income and moderate-income borrowers benefit from an FHA-secured loan; the point of the Federal Housing Administration is to cooperate with credit-worthy potential buyers to meet expectations and requirements for lending agencies that they otherwise would not.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. The loan programs that the Federal Housing Administration offers are extremely useful to purchasers with less starting income.