Need an appraisal for an FHA-backed mortgage? Call Davis Appraisal Service
We are happy to say that Davis Appraisal Service is an FHA-approved appraisal firm in TN. If you have an FHA-loan, be sure to get with Davis Appraisal Service, as we are approved and qualified to produce FHA reports. FHA's guidelines, documentation and policies may seem difficult to grasp, but the staff at Davis Appraisal Service is well-trained on how to work in accordance with the rules and regulations provided.
Be sure to contact Davis Appraisal Service if you need an appraisal done for an FHA-secured loan.
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 loan is an FHA-insured loan, it means it is backed by them. None of the funds are provided by the FHA; what the FHA does is ensure that the loan is paid for in case the borrower defaults on his or her loan obligations. Low-income and moderate-income homebuyers benefit from an FHA-secured loan; the purpose of the Federal Housing Administration is to cooperate with credit-worthy buyers to meet expectations and qualifications for lending organizations that they otherwise would not.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. FHA loan programs are incredibly helpful to those homebuyers with less available cash.