The FHA keeps the rolls of approved appraisers for each state - Michael D. Ellis - Certified Residential Appraiser A7597, is on the roster of approved appraisers for North Carolina.
Michael is certified and approved to do appraisals for FHA secured loans. As part of the continuing education and training, Michael deals exclusively with decoding the FHA's documentation and their rules and procedures.
If your home loan is FHA approved, that means that the loan has been guaranteed by the Federal Housing Administration, which is underneath the United States Department of Housing and Urban Development (HUD).
The FHA does not loan funds to borrowers. Rather, it provides lending organizations with security through mortgage insurance in case the borrower does not pay his or her financial obligations.
Accessible to all consumers, FHA loan programs are created 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 organization working with Federal Housing Administration actually has the freedom to select 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 FHA offers are lifesavers to purchasers with minimal starting income.
