Preferred Appraisers, Inc. is your FHA certified appraisal company
We assure you that Preferred Appraisers, Inc. is an FHA-approved appraisal provider in NJ. This means that we are certified and approved by the FHA to do appraisals for home loans backed by them. A portion of the ongoing training our staff at Preferred Appraisers, Inc. receives deals strictly with understanding the FHA's documentation and their rules and procedures.
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 agency in the United States Department of Housing and Urban Development (HUD) - if your financial transaction is an FHA-secured loan, it means it is secured by them. The lender takes care of all the loaned money; the FHA simply backs the loan with mortgage insurance in case the borrower does not pay off his or her loan. The FHA and their loan programs are built to aid low-to-moderate income homebuyers help meet credit requirements if they otherwise would not.
Down payments are often lower with an FHA loan despite using conventional market rates. Those with lesser income or less starting capital to use as a down-payment on a loan are assisted the most from Federal Housing Administration loan programs.