American Valuation , Inc. is your FHA certified appraisal companyRest assured that American Valuation , Inc. is an FHA-certified appraisal practice in Illinois. This means that we are qualified and approved by the FHA to do appraisal reports for property loans insured by them. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at American Valuation , Inc. is well-trained on how to work in accordance with the rules and regulations provided.
If your property loan is FHA certified, that means that the loan has been guaranteed by the Federal Housing Administration, which is part of the United States Department of Housing and Urban Development (HUD). None of the money in the loan is provided by the FHA. What the FHA does is ensure that the loan is taken care of in case the borrower defaults on his or her loan obligations. Low-income and moderate-income borrowers benefit the most from FHA-secured loan programs. The purpose of the Federal Housing Administration is to help credit-worthy buyers get approved for mortgages that they otherwise would not. Remember, the FHA deviates from the VA appraiser panel in that the lending agency can choose the appraisal company.Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. Consumers with lower incomes or less starting money to use as a down-payment on a mortgage benefit the most from FHA loan programs.
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