Need an appraisal for an FHA-backed mortgage? Call Preferred Appraisers, Inc.
We assure you that Preferred Appraisers, Inc. is an FHA-certified appraisal company in NJ. This indicates that we are qualified and approved by the FHA to do appraisals for property loans underwritten by them. A portion of the periodic training our staff at Preferred Appraisers, Inc. receives deals strictly with understanding the FHA's documentation and their rules and procedures.
If you need 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 organization in the United States Department of Housing and Urban Development (HUD) - if your financial transaction is an FHA-insured loan, it means it is backed by them. The FHA does not loan funds to borrowers, rather, it provides lenders with safety through mortgage insurance in case the borrower does not pay his or her loan obligations. The FHA and their loan programs are created to assist low-to-moderate income consumers help meet credit requirements if they otherwise would not.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. FHA loan programs are extremely beneficial to those homebuyers with less available cash.