The FHA keeps a list of approved appraisers for each state - Osborne Bay Area Appraisals, Inc. 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 backed by them. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Osborne Bay Area Appraisals, Inc. is well-trained on how to comply with the rules and regulations provided.
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 financial transaction is an FHA loan, it means it is underwritten by them. No part of the loan is provided by the FHA. What the FHA does is see to it that the mortgage is insured in case the borrower doesn't pay their loan. Accessible to all homebuyers, FHA loan programs are designed to help credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans. Unlike the VA appraiser panel, the lending agency working with FHA actually has the ability to select the appraiser.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. Buyers with lesser incomes or less starting funds to use as a down-payment on a mortgage benefit the most from FHA loan programs.
