Residential Property Appraisal for FHA
True Value Appraisal, Inc. (TVA) is one the approved appraisal companies on the FHA Roster of residential property appraisers. We are approved and qualified to appraise residential properties for an FHA insured loans. Our team of certified appraisers are trained and are knowledgeable of the FHA procedures and rules within the FHA policy and guidance documents.
When you become aware that you need a residential appraisal for an FHA protected loan, contact our office to make arrangements for an expeditious appraisal. An accurate assessment of the property value of the home you are buying is important to insure you do not pay too much for Mortgage Insurance Protection, among other reasons.
Mortgage Insurance Protection
Many first-time home buyers do not realize that an FHA loan does not come from the FHA. The FHA provides the lender, a bank or mortgage company, with protection in the form of Mortgage Insurance Protection (MIP), so that if a borrower should default on the obligation of the loan, the MIP pays the lender.
The Federal Housing Administration, is a branch within the U.S. Department of Housing and Urban Development (HUD). FHA loans are normally available to any buyer that is worthy of credit, but may be in a low to moderate family income level and might not meet ordinary loan requirements. The FHA is very different from an appraiser panel with the VA. An FHA lender has the option to choose who the appraiser will be.
The loan program at FHA can be especially beneficial to a buyer who may not have the cash available for a large down payment. Generally, the requirements for a down payment are less with an FHA loan and their loan rates are most often set by the current market rate.
Call the TVA office today if you need more information on an appraisal for your FHA approved residential property. 314-862-1644 True Value Appraisal, Inc., “Our Name Says It All.”