Need an appraisal for an FHA-backed mortgage? Call R. Scott Pierce Appraisal Services
We are happy to say that R. Scott Pierce Appraisal Services is an FHA-approved appraisal company in MS. This means that we are certified and approved by the FHA to do reports for home loans insured by them. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at R. Scott Pierce Appraisal Services is well-trained on how to follow the rules and regulations provided.
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.
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 financial transaction is an FHA-secured loan, it means it is secured by them. None of the funds are provided by the FHA; what the FHA does is make sure that the loan is taken care of in case the borrower defaults on his or her loan obligations. Applicable to all buyers, FHA loan programs are formed to assist credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
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 particularly helpful to those purchasers with less accumulated funding.