The FHA keeps the rolls of approved appraisers for each state - Welldone Appraisal, LLC is on the roster of approved appraisers for Florida. This indicates that we are qualified and approved by the FHA to do reports for property loans insured by them. A certain amount of the ongoing training our staff at Welldone Appraisal, LLC completes deals exclusively with understanding the FHA's documentation and their rules and procedures.
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-insured loan, it means it is insured by them. None of the funds are provided by the FHA. What the FHA does is ensure that the loan is secure in case the borrower doesn't pay their loan. The FHA and their loan programs are built to help low-to-moderate income consumers by easing credit requirements. Unlike the VA appraiser panel, the lending agency working with FHA is allowed to choose the appraiser.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. The loan programs that the Federal Housing Administration provides are invaluable to buyers with minimal starting income.
