Rest assured that Boivin Appraisals, Inc. is an FHA-certified appraisal firm in Illinois. Boivin Appraisals, Inc. is qualified and approved to do appraisal reports for FHA insured financial transactions. A certain amount of the periodic training our staff at Boivin Appraisals, Inc. receives deals exclusively with comprehending the FHA's documentation and their rules and procedures.
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. 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 mortgage is taken care of in case the borrower doesn't pay their loan. Low-income and moderate-income homebuyers benefit the most from FHA-secured loan programs. The purpose of the Federal Housing Administration is to help credit-worthy families and individuals 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 appraiser.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. Buyers with lower incomes or less starting money to use as a down-payment on a financial transaction are assisted the most from FHA loan programs.
