Need an appraisal for an FHA-backed mortgage? Call Jay Flanagan
Jay Flanagan is RI state certified and on the FHA Roster of approved residential appraisers. We are qualified and approved to do appraisals for FHA secured loans. We’re trained and understand the rules and procedures in FHA’s guidance and policy documents.
An FHA loan is secured by the Federal Housing Administration, a federal agency that is a part of the U.S. Department of Housing and Urban Development (HUD). The lending company takes care of all the loaned money; the FHA simply insures the transaction with mortgage insurance in case the borrower defaults on his or her loan. Low-income and moderate-income consumers benefit from an FHA-insured financial transaction; the point of the Federal Housing Administration is to assist credit-worthy consumers to meet expectations and qualifications for lenders that they otherwise would not.
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 offers are exceedingly helpful to buyers with less starting income.