The FHA retains a list of approved appraisers for each state - Mott, Wyskiver Real Estate Appraisal Service, LLC is on the roster of approved appraisers for Ohio.
This means that we are certified and approved by the FHA to do appraisals for home loans underwritten by them.
A certain amount of the regular training our staff at Mott, Wyskiver Real Estate Appraisal Service, LLC undergoes deals exclusively with decoding 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 financial transaction is an FHA loan, it means it is backed by them.
The lender takes care of all the financing - the FHA simply backs the loan by providing mortgage insurance in case the borrower defaults on his or her loan.
Available to all buyers, FHA loan programs are made to assist credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Unlike the VA appraiser panel, the lending organization working with FHA actually has the freedom to choose the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates.
The loan programs that the FHA provides are invaluable to purchasers with minimal starting income.
