Need an appraisal for an FHA-backed mortgage? Call Compass Appraisals

The FHA maintains of approved appraisers for each state - Compass Appraisals is on the roster of approved appraisers for CA. Compass Appraisals is qualified and approved to do appraisal reports for FHA secured financial transactions. Part of the periodic training our staff at Compass Appraisals receives deals exclusively with comprehending the FHA's documentation and their rules and procedures.

If your loan is FHA insured, that means that it has been guaranteed by the FHA, which is underneath the United States Department of Housing and Urban Development (HUD). None of the funds are provided by the FHA; what the FHA does is ensure that the loan is insured in case the borrower defaults on his or her loan obligations. Applicable to all homebuyers, FHA loan programs are created to assist credit-worthy low-income and moderate-income families who do not have the qualifications 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. The loan programs that the Federal Housing Administration offers are excessively helpful to buyers with less starting income.