Rest assured that Wells Agency, Inc. is an FHA-certified appraisal firm in Delaware.
This indicates that we are certified and approved by the FHA to do reports for home loans underwritten by them.
Part of the periodic training our staff at Wells Agency, Inc. receives deals strictly 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-insured loan, it means it is secured by them.
The FHA does not loan funds to borrowers. Rather, it provides lenders with safety through mortgage insurance in case the borrower does not pay his or her loan obligations.
Low-income and moderate-income consumers benefit the most from FHA-backed loan programs. The point of the Federal Housing Administration is to aid credit-worthy consumers get approved for mortgages that they otherwise would not.
Remember, the FHA deviates from the VA appraiser panel in that the lending organization can 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.
Those with lower incomes or less starting money to use as a down-payment on a loan benefit the most from FHA loan programs.
