is Illinois state certified and on the FHA Roster of approved residential appraisers. We are certified and approved to do reports for FHA insured financial transactions. A certain amount of the ongoing training our staff at Boivin Appraisals, Inc. undergoes deals exclusively with understanding the FHA's documentation and their rules and procedures.
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If you're in need of an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away. |
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An FHA loan is backed by the Federal Housing Administration, a federal agency that is a part of the U.S. Department of Housing and Urban Development (HUD). The lender takes care of all the loaned money - the FHA simply backs the loan through mortgage insurance in case the borrower defaults on his or her loan. Low-income and moderate-income homebuyers benefit the most from FHA-backed loan programs. The point of the Federal Housing Administration is to aid credit-worthy buyers get approved for mortgages that they otherwise would not. Different from the VA appraiser panel, the lending agency working with FHA has the ability to pick the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates. FHA loan programs are particularly helpful to those buyers with less accessible funding.