Need an appraisal for an FHA-backed mortgage? Call Lance Appraisal ServicesThe FHA publishes a list of approved appraisers for each state - Lance Appraisal Services is on the roster of approved appraisers for MA. This means that we are qualified and approved by the FHA to do appraisals for home loans insured by them. FHA's guidelines, documentation and policies may seem difficult to grasp, but the staff at Lance Appraisal Services is well-trained on how to follow the rules and regulations provided. Be sure to contact Lance Appraisal Services if you need an appraisal done for an FHA-secured loan. An FHA loan is secured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). None of the funds are provided by the FHA; what the FHA does is make sure that the loan is insured in case the borrower defaults on his or her loan obligations. Low-income and moderate-income homebuyers benefit from an FHA-secured loan; the point of the Federal Housing Administration is to cooperate with credit-worthy potential buyers to meet expectations and necessities for lending agencies that they otherwise would not. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Buyers with lower income or less starting funds to use as a down-payment on a mortgage are assisted the most from FHA loan programs. |