Preferred Appraisers, Inc.
Rest assured that Preferred Appraisers, Inc. is an FHA-certified appraisal service in NJ. Preferred Appraisers, Inc. is certified and approved to do appraisal reports for FHA insured loans. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
If you're in need of an appraisal 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 loan is an FHA-insured loan, it means it is secured by them. The lending organization provides all the finances; the FHA simply insures the transaction by providing mortgage insurance in case the borrower defaults on his or her loan. The FHA and their loan programs are designed to help low-to-moderate income homebuyers help meet credit requirements if they otherwise would not.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. The loan programs that the FHA offers are incredibly useful to purchasers with less starting capital.