Rest assured that Springs Appraisals is an FHA-certified appraisal provider in Colorado.
This means that we are qualified and approved by the FHA to do appraisals for home loans backed by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
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 loan is an FHA loan, it means it is backed by them.
None of the money in the loan is provided by the FHA. What the FHA does is see to it that the mortgage is secure in case the borrower doesn't pay their loan.
Available to all consumers, FHA loan programs are built to help credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Unlike the VA appraiser panel, the lending agency working with FHA actually has the freedom to select the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates.
FHA loan programs are particularly beneficial to those consumers with less accumulated starting capital.