Preferred Appraisers, Inc.
The FHA retains of approved appraisers for each state - Preferred Appraisers, Inc. is on the roster of approved appraisers for NJ. This means that we are qualified and approved by the FHA to do reports for house loans backed by them. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Preferred Appraisers, Inc. is well-trained on how to work in accordance with the rules and regulations provided.
Contact us today if you need to get an appraisal done on an FHA-insured 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 loan is an FHA loan, it means it is insured by them. The FHA does not loan funds to borrowers, rather, it provides lending organizations with protection with mortgage insurance in case the borrower defaults on his or her loan obligations. Accessible to all homebuyers, FHA loan programs are formed to help credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. FHA loan programs are extremely helpful to those homebuyers with less available cash.