The FHA publishes a list of approved appraisers for each state - Sloane Appraisal Services LLC is on the roster of approved appraisers for Pennsylvania. If you have an FHA-secured mortgage, be sure to get with Sloane Appraisal Services LLC, as we are approved and qualified to perform FHA appraisals. A portion of the regular training our staff at Sloane Appraisal Services LLC receives deals exclusively with decoding the FHA's documentation and their rules and procedures.
If your home loan is FHA insured, that means that the loan has been secured by the FHA, which is part of the United States Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers. Rather, it provides lenders with protection through mortgage insurance in case the borrower does not pay his or her loan obligations. Low-income and moderate-income borrowers benefit the most from FHA-backed loan programs. The point of the Federal Housing Administration is to assist credit-worthy potential buyers get approved for mortgages that they otherwise would not. Unlike the VA appraiser panel, the lender working with FHA has the freedom to choose the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates. Buyers with lesser incomes or less starting capital to use as a down-payment on a mortgage are assisted the most from FHA loan programs.
