Need an appraisal for an FHA-backed mortgage? Call Preferred Appraisers, Inc.
The FHA maintains of approved appraisers for each state - Preferred Appraisers, Inc. is on the roster of approved appraisers for NJ. This means that we are certified and approved by the FHA to do reports for home loans backed by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
Be sure to contact Preferred Appraisers, Inc. if you need an appraisal done for an FHA-secured loan.
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 loan is an FHA-insured loan, it means it is insured by them. The lending company takes care of all the finances; the FHA simply insures the transaction with mortgage insurance in case the borrower defaults on his or her loan. Accessible to all consumers, FHA loan programs are designed to assist credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. Purchasers with lesser income or less starting funds to put down on a loan are helped the most from FHA loan programs.